Combine first 3 ingredients in a skillet over medium-high heat. Bring to a boil, reduce heat, and simmer 3 to 5 minutes or until liquid is reduced to about 2 tablespoons. Stir in cream, kosher salt, and white pepper; boil 1 minute.
Reduce heat to very low, and whisk in butter, a few pieces at a time. Strain, if desired. Serve with fish, chicken, or vegetables.