Preheat oven to 325 degrees F.
In a mixer with paddle attachment, add butter, sugar, and cream cheese (or yogurt or sour cream). Blend on medium speed until fluffy.
Add eggs one at a time and continue to blend.
Add both extracts, flour, baking powder, and coconut flakes. Mix on medium speed until well combined.
Pour into lightly greased pan of choice. Bake on middle rack for about 1 hour, or until knife inserted into middle of cake comes out clean.
Remove from oven and allow to cool at room temperature.