Preheat oven to 325°F (163°C). Position oven rack in the lower third.
Grease and flour a 10-inch tube pan or bundt pan thoroughly.
Soften butter and cream cheese at room temperature for 1-2 hours. Bring eggs to room temperature.
Cream butter, cream cheese, and sugar on medium-high speed for 5-7 minutes until light and fluffy. Scrape bowl twice.
Add eggs one at a time, beating for 30 seconds after each addition.
Mix in vanilla extract, almond extract, and salt until just combined.
Add flour in three additions, mixing on low speed just until incorporated. Do not overmix.
Pour batter into prepared pan and smooth the top. Tap pan on counter 2-3 times to release air bubbles.
Bake for 80-90 minutes until a toothpick inserted in center comes out clean or with a few moist crumbs.
Cool in pan for 15-20 minutes on a wire rack.
Invert onto wire rack and cool completely for at least 1 hour before slicing.