Melt the butter in a heavy one quart saucepan over medium heat. Cook, swirling the pan occassinoally until the butter turns a nutty golden-brown, about 4 minutes. Pour into a small bowl and let stand until the solids settle at the bottom of the bowl, about 5 minutes. Carefully transfer the bowl to the refrigerator and chill until just firm, for about 18 minutes. Using a spoon, scrape the butter from the bowl, leaving the browned solids at the bottom.

Using an electric mixer, beat the butter, cream cheese, and brown sugar on medium high speed until light in color and the brown sugar has dissolved, 2 minutes. Gradually beat in the confectioners’ sugar and continue beating until fluffy, 1 to 2 minutes