For the tres leches mixture: In a bowl, combine the three milks with the vanilla extract. Whisk until the milks and vanilla are fully blended.

For the frosting, let the cream cheese and butter come to room temperature.

Using a mixer on high speed, beat the cream cheese and butter together until the mixture is light in color and smooth in texture. Once it’s light and smooth, lower the mixer speed and gradually add the powdered sugar. Then add the vanilla extract. Chill in the refrigerator for a while, then use to frost the cake.