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Preheat the oven to 325 F. Grease and flour your pan/s--you can use 1 10-inch/12 cup bundt pan or you can use 1 9-inch/10 cup bundt pan plus some mini loafs or bundtlettes. Set aside.
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Whisk together the cake flour, baking powder and salt. Set aside.
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Cream together the butter and cream cheese until well combined, about 2-3 minutes. Add the sugar in 3 additions, creaming the whole time. Cream for a final 3 minutes on medium high speed, until light and fluffy. Be sure to keep scraping down the sides and bottom of the bowl as needed.
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Beat in the vanilla and almond extract if using.
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Crack the eggs into a medium bowl and lightly whisk them.
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With the mixer on the lowest speed, add the flour and the eggs alternately, beginning and ending with the flour, in 4 and 3 additions, respectively. Scrape the sides and bottom of the bowl as needed. Do not over-mix.
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Fold the M&Ms and mini chocolate chips into the batter.
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Scrape the batter into the prepared pan(s).
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Bake at 325 F for 70-75 minutes (for a 12 cup pan), 60-70 minutes (for a 10 cup pan) or around 25 minutes or longer, depending on the pan size, for small pans, or until a toothpick inserted in the center comes out clean (or smeared with melted chocolate). You will also see the edges of the cake pulling away from the sides of the pan.
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Let cake cool in pan for 15 minutes (5 minutes for small pan), before turning out onto a cooling rack. Let cool completely before sprinkling with powdered sugar (if desired) and slicing.