Preheat the oven to 375°F. Line a baking sheet with parchment paper and set it aside.

Begin by chopping up the peaches and placing them in a medium saucepan. You can peel them first of you'd like, we didn't. To the saucepan, stir in 3 tbsp of sugar and turn the heat to medium. Cook for just 3-5 minutes, until the sugar has dissolved and the peaches have softened slightly. Remove from heat and drain any excess fluid. Set aside.

Make the cream cheese filling by placing the cream cheese and sugar in a medium bowl and mixing together using a hand mixer. Then mix in the 1/4 cup sugar, vanilla extract and egg yolk. Once combined, set this aside.

On a lightly floured surface, place the puff pastry sheet and sprinkle flour lightly over the top of it as well. Roll it out into a rectangle that's roughly 12x14 in shape. Using a pizza cutter or pizza scissors, start cutting slits into both sides of the puff pastry. They should go diagonally up starting at the bottom of each side and each should be about 1 inch thick. They should go about 1/3 of the way towards the center, as you want plenty of room in the center for the filling.

Place four more small slits (2 at the bottom and 2 at the top) just straight up roughly on the edges of where the center is. Spoon the cream cheese mixture down the center of the puff pastry and spread it out evenly, leaving an inch or so of space at each end. Then spoon the peaches over the top of the cream cheese.

Fold the bottom piece up and over onto the top of the peach mixture to help deal the bottom, then begin at one end of the bottom diagonal slits and fold each strip diagonally over the peach mixture. Alternate sides to give it a braided look. Before doing the last two, fold the top piece up and over to deal the other end, then lay the last two diagonal pieces over it.

Beat the remaining egg in a small bowl and use a pastry brush to brush the egg wash over the top of the pastry. Then lightly sprinkle the top with cinnamon sugar.

Bake for 25-30 minutes, until the pastry is golden brown. Once it's done, allow it to cook for 5 or so minutes, then dust with confectioners sugar and top with sliced almonds if you'd like.

Slice into pieces and serve. Refrigerate any leftovers. To reheat leftovers, place in a 350°F oven for just 5 or so minutes, so it will be warm and crispy.