How to Make It
Preheat oven to 325°F. Beat butter and sugar with a stand mixer fitted with a paddle attachment on medium-high speed until light and fluffy, about 3 minutes. Add eggs 1 at a time, beating well after each addition.
Stir together baking powder, salt, and 3 1/2 cups of the flour in a bowl. Gradually add flour mixture and lemon extract to butter mixture, beating on medium speed until just combined. Stir together pecans, raisins, and remaining 1/2 cup flour in a separate bowl; stir into batter until combined.
Coat a 10-inch tube pan with baking spray with flour. Spoon batter into prepared pan. Bake in preheated oven until a wooden pick inserted in center comes out clean, 1 hour, 15 minutes to 1 hour, 30 minutes. Cool in pan 15 minutes. Remove from pan; let cool completely on a wire rack, about 1 hour.