Preheat the oven to 350 degrees and grease a Bundt pan with nonstick cooking spray.
Beat together the butter, cream cheese, and sugar until light and fluffy.
Add the eggs, one at a time, beating between each addition.
Stir in the coconut extract.
Add the flour and baking powder and beat until just combined.
Fold in the coconut flakes.
Pour the batter in the prepared pan and bake for 60 to 70 minutes, until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan until the pan is safe to touch, then flip the cake over on a wire cooling rack to cool completely.
While the cake is cooling, beat together the cream cheese, milk, and coconut extract.
Add the powdered sugar and beat to combine.
Spread the glaze over the top of the cooled cake, then sprinkle more coconut flakes on top.