Using a stand mixer with paddle attachment, cream the butter and sugar together until light and fluffy, about 3-5 minutes. Add in the eggs, one at a time, mixing well in between. Add in the vanilla and almond extract and mix well.
1 cup (227g) unsalted butter, 2 cups (400g) granulated sugar, 5 large eggs, 1 1/2 tsp pure vanilla extract, 1/2 tsp pure almond extract
With the mixer on low speed, add in 1/3 of the flour mixture, followed by 1/2 of the coconut milk. Repeat. Stir in the remaining flour mixture until just combined. Then fold in the shredded coconut with a rubber spatula.
Divide the batter evenly into the prepared baking pans. Bake for 25 -30 minutes or until a toothpick inserted into the center comes out clean. Let cakes cool completely before frosting.
For the frosting: beat the cream cheese, butter, vanilla and almond extract until combined. Mix in the powdered sugar, one cup at a time, until smooth.
2 bricks (8oz each) cream cheese, 1 cup (227g) unsalted butter, 3/4 tsp pure vanilla extract, 1/4 tsp pure almond extract, 1 pound powdered sugar
To assemble: Trim the cake domes if necessary. Place one layer on a serving plate, top side down. Spread frosting on top. Place second layer on top. Cover cake with frosting.
To decorate: lightly press the shredded coconut onto the sides of the cake and sprinkle with shredded coconut on top. Serve at room temperature.
6 oz unsweetened shredded coconut
Notes
Leftover cake can be covered and stored in the refrigerator for 3-5 days.