Preheat oven to 350F (175C) and grease and flour or spray with baking spray two 10x15” jelly roll pans (if you only have one, you can bake one cake at a time, just let the pan cool completely before washing it and re-using).
In a large mixing bowl, combine the butter, cream cheese, and sugar and beat with an electric mixer until creamy, well-combined, and lightened in color.
Add the eggs one at a time, stirring well after each (about 10 seconds on medium speed after each egg).
Mix in the vanilla extract. When finished, the mixture should be very smooth, light, and creamy. Scrape the sides and bottom of the bowl on a regular basis to ensure that all ingredients are well combined.
Separately, whisk together the flour, baking powder, and salt.
Using a low-speed mixer, alternately add flour and milk to the butter mixture until completely combined (scrape sides and bottom of the bowl as needed).
Spread the batter evenly into the prepared jelly roll pans, making sure the layers are even and smooth. Bake for 12-13 minutes (if baking one layer at a time) or 15 minutes (if baking both layers at the same time) or until baked through and cake springs back when lightly touched in a 350F (175C) oven. Even if the cake is completely baked, it may still appear very pale; don't overbake or it will be dry.
Allow cakes to cool completely before cutting one at a time into three even pieces, each just under 5" wide.