Place chopped pecans in a single layer in a shallow pan.
Bake at 350° for 6 minutes or until lightly toasted.
Bring butter and brown sugar to a boil in a 3 1/2-qt. saucepan over medium heat, whisking constantly (about 2 minutes). Remove from heat, and slowly whisk in buttermilk.
Return mixture to heat, and bring to a boil. Pour into bowl of a heavy-duty electric stand mixer. Gradually add powdered sugar and vanilla and almond extracts, beating at medium-high speed until smooth (about 1 minute). Stir in pecans. Use immediately.
The frosting is great, but I will leave out the almond extract next time, it takes away too much from the caramel flavor. Put the pecan pieces first, the pecans help to break up all those little bitty lumps in the powdered sugar!