Preheat oven to 350 degrees F.
Grease 9x5" baking pan with cooking spray, and set aside.
In large bowl with electric mixer, beat together butter, cream cheese, sugar, baking powder, salt, vanilla bean paste (or extract), and almond extract until light and fluffy, about 2 minutes.
Add eggs, one at a time, mixing until combined. The mixture may look a bit curdled at times, but it is okay...don't panic!
Beat mixture on high for 3 minutes.
Add milk and beat to combine.
Slowly add flour, mixing until just combined.
Pour into prepared pan.
Bake in preheated oven for 50-60 minutes, testing every 5 minutes until cake tester comes out clean with just crumbs.
Let cool for about 10-15 minutes, then remove from pan and place on cooling rack to cool completely.