Using an electric mixer on medium speed, beat the cream cheese until it's creamy and smooth.

Add the sugar and vanilla extract, and beat until well combined.

Pour the cold heavy cream into the bowl with the cream cheese mixture. Start beating on low speed to combine, then increase to high speed. Continue whipping until the mixture forms stiff peaks.

Use the stabilized whipped cream immediately, or store it in the refrigerator until needed. It should hold its shape well for a couple of days.