Preheat oven to 350°F.
Slice bread into cubes and layer evenly into a greased 9 X 13 pan.
Whisk together the eggs, milk, 2 tsp vanilla extract, ½ Tbsp cinnamon, and nutmeg in a bowl until thoroughly combined. Pour entire mixture over the cubed bread, making sure all pieces are wet. If some of the bread cubes are above the liquid, you can squish them down. It is also okay if they are not totally in the liquid because they are delicious crisped on the top!
Sprinkle the brown sugar and ½ Tbsp cinnamon evenly on top. Bake in the oven for 25 minutes, or until all of the liquid has been absorbed and baked.
Meanwhile, you can make the cream cheese frosting: Beat the softened butter and cream cheese until well blended. Add in the powdered sugar and 1 tsp of vanilla extract and beat until creamy. Spoon frosting into a piping bag or Ziploc bag. Once the bake is out of the oven, pipe the frosting in a fun design over the top. Delicious!!