Make the reduction. Puree the thawed cherries and their juices until smooth. Simmer in a saucepan over medium heat for 20-25 minutes until reduced by half. Let cool completely. Divide into two equal portions.
Mix dry ingredients. Preheat oven to 350°F (175°C). Grease and line two 8-inch pans. Mix cake flour, sugar, baking powder, and salt. Beat in the 0.75 cup of room temperature butter until the mixture resembles coarse sand.
Finish batter and bake. Whisk buttermilk, egg whites, extracts, and half of the cooled cherry reduction. Add half to the dry ingredients, beat for 1 minute. Add remainder and beat 30 seconds. Divide between pans and bake 25-30 minutes. Cool completely.
Make frosting. Beat cream cheese and 0.5 cup softened butter until fluffy. Gradually add sifted powdered sugar. Beat in the remaining half of the cherry reduction until thick and pink.
Assemble. Level the cakes if needed. Place one layer on a plate, spread frosting on top, add the second layer, and frost the outside. Chill for 30 minutes before serving.
