To make the pie crust:

1. Place the butter, cream cheese, flour, sugar, and salt in the bowl of a food processor. Pulse for about a minute, or until a dough forms.
2. Divide the dough in half, and form each portion into a disc. Wrap each disc in plastic wrap and refrigerate for 30 minutes.
3. Preheat oven to 375°F (190°C). Line baking sheets with parchment paper.
4. Place one disc of the chilled dough on a lightly floured surface. Roll the dough to 1/8-inch thickness.
5. Use a 4-inch round cutter to cut the dough into rounds. Gather and re-roll the remaining dough once as needed. Repeat with the remaining disc of dough. You’ll have about 16 cut-outs.n6. Combine the peaches, brown sugar, cinnamon, almond extract, and salt in a bowl.
6. Divide the filling among the pie crust cut-outs, using about 1 & 1/2 tablespoons per pie. Leave a margin around the edges.

To assemble:

8. Fold over each pie to make a half circle. Press the edges together. Use a fork to seal the edges.
9. Use a sharp knife to make a small cut in the top of each pie.
10. Combine the egg and water to make an egg wash. Lightly brush the egg wash over the tops of the pies. Sprinkle with sanding sugar if you want.
11. Bake 20 to 25 minutes, or until the pies are golden brown. Cool on the pans for 10 minutes, then transfer to a wire rack.