Ham Steaks with Cheesy Grits and a Bell Pepper and Pepper Jelly Sauce

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4 tablespoons unsalted butter, divided

2 large ham steaks 1/2-inch thick

1/4 cup small dice onion

1/4 cup small dice red bell pepper

1/4 cup small dice green bell pepper

1 teaspoon minced garlic

1 cup chicken stock

2 tablespoons pepper jelly

1/4 teaspoon kosher salt

1 recipe Cheesy Grits, recipe follows

Cheesy Grits:

4 cups water

1 1/2 teaspoons salt, divided

1 1/2 cups quick cooking or old-fashioned grits (not instant)

2 cups milk

1 cup heavy cream

8 tablespoons butter

1/2 teaspoon fresh cracked black pepper

1 1/2 cups shredded white Cheddar