Add the heavy whipping cream, vanilla extract, peppermint extract, and powdered sugar to the cream cheese.
Use a mixer to whip together the ingredients until the mixture begins to thicken to the consistency of whipped cream. It will thicken up rather quickly, so if you're wanting it to have a thinner texture/more silky appearance, just stop the whipping process sooner.
Refrigerate until serving, and serve with your favorite desserts and drinks.