In the bowl of an electric mixer, beat butter and cream cheese until smooth.
Add sugar and beat until fluffy. The mixture will lighten in color slightly. Stop the mixer and scrape the sides of the bowl.
Add eggs one at a time, beating after each addition just until the egg disappears into the batter. After all the eggs are added, stop the mixer and scrape the sides and bottom of the bowl.
With the mixer on low, slowly add flour to the mixture and combine.
Add vanilla and almond extracts and combine. Stop the mixer and scrape the sides and bottom of the bowl. Stir the batter with your spatula to combine.
Spoon into your prepared baking pan and level the top. Place in your preheated oven in the center of the center rack.
*Bake at 300°F for 90 minutes or until a wooden pick inserted in the center comes out clean or with 'dry' crumbs. The cake will continue to cook for a few minutes after you remove it from the oven. Therefore, err on the cautious side of 'slightly' underbaked. [I bake my cake in a dark tube pan with it sitting on a cookie sheet. Both of these can affect cooking time. I recommend you test and make detailed notes on what you use and how long it takes the first time you make this cake.]
Allow your cake to cool on the countertop on a wire rack for 30 minutes before inverting it on a serving tray. Serve warm or at room temperature.
Cool completely before covering in an airtight container. Store in an air-tight container on the countertop for 3 to 4 days or in the refrigerator for 5 to 7 days. [I find it begins to dry out after 5 to 7 days. If it gets dry, it's still okay to eat. Spread butter on a slice and toast it in the oven or a pan on the stovetop until warmed through and lightly browned.]
Notes
*I have also baked this cake with success at 325°F for 80 minutes