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Grease a 13x9 inch baking pan with butter or cooking spray.
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In a big saucepan, bring the milk, half-and-half, butter, and salt to a boil.
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Decrease heat to medium and gradually whisk in grits.
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Whisk constantly until cooked and thickened (follow package directions for cooking time, which will depend on the type of grits you use).
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Whisk in the parmesan, mascarpone, and pepper until well blended.
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Pour the grits into the prepared pan and refrigerate until set, about 1 hour.
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Use a biscuit cutter to cut the grits into shapes about 2 inches in diameter (or cut the grits into squares or triangles to avoid scraps).
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Grease a large skillet with cooking spray and place over medium heat.
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When the skillet it hot, cook the cakes in batches, leaving a little space between each one in the pan.
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Fry the cakes for 2-3 minutes per side, or until browned and crisp.
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Serve immediately.