Preheat oven to 325 degrees. Pulse butter, cheddar, flour, salt, and cayenne pepper in a food processor until mixture resembles coarse crumbs. Add heavy cream; pulse until just combined.
Divide dough into 4 pieces; shape into rectangles. Wrap each in plastic. Refrigerate until firm, about 30 minutes.
Working in batches, roll out each rectangle on a lightly floured surface to a 1/4 inch thickness. Transfer dough to a parchment-lined baking sheet, and cut into 1-inch squares. Separate squares, leaving at least 1/4 inch between each. Refrigerate until chilled and firm, about 20 minutes. Bake until pale golden, 15 to 17 minutes.
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