Set oven to 325°F (163°C). Grease and flour a 10-inch bundt pan or line with parchment paper.
Beat softened butter and cream cheese in a large bowl until smooth. Add sugar and mix on medium speed for 4–5 minutes until light and fluffy.
Mix in the eggs, one at a time, beating well after each. Scrape down the sides of the bowl as needed.
In another bowl, whisk flour and salt. Add to the batter gradually, alternating with milk. Begin and end with the flour mixture. Mix until just combined. Gently stir in vanilla and almond extract.
Pour batter into prepared pan and smooth the top. Bake for 1 hour 15 minutes to 1 hour 30 minutes, or until a toothpick comes out clean.
Let cool in the pan for 10–15 minutes, then transfer to a wire rack to cool completely.
In a saucepan, melt butter over medium heat. Stir in brown sugar and cream. Bring to a gentle boil, then reduce heat and simmer for 3–4 minutes, stirring often.
Remove from heat. Add vanilla and salt. Whisk in powdered sugar until smooth. Add a little more cream if needed to loosen the texture.
Pour or spread frosting over the cooled cake, letting it drip down the sides naturally.