Preheat oven to 325 degrees F.
Lightly grease and flour a 10-inch tube pan.
With electric mixer, beat together butter, cream cheese and sugar until fluffy, about 5 minutes. Add eggs, one at a time, beating after each. Add vanilla and almond extracts and stir. Reserve 1/4 cup of the flour and use to dredge pecans. Add remaining flour to batter a little at a time, beating on low speed with mixer. Fold in pecans.
Turn batter into prepared pan and bake about 1-1/2 hours, or until cake begins to come away from the sides of the pan and tests done. Let cool before inverting on cake rack to finish cooling.