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Preheat your oven to 350°F.
Cream together the butter and sugar.
Add yogurt, lemon zest, and eggs one at a time. Mix until smooth.
In a separate bowl, whisk your flour, baking powder, salt, and cinnamon.
Whisk your milk and extracts in a separate jug.
Add ⅓ of the dry mixture to the butter mixture and mix to combine.
Add ½ the milk mixture and mix to combine.
Repeat until both the dry and milk mixtures are all incorporated (making sure to finish on the dry mixture).
Grease an 8" pan with nonstick cooking spray and line with a parchment round.
In a small sauce pan add the sugar and water. Bring to a boil over medium heat. Swirl the sugar and water to combine (don't mix, your caramel will crystallize).
Slice each peach half into think slices and fan them out. Place fanned peach slices on the greased, parchment lined pan.
Pour the caramel over top.
Scoop the cake batter over the caramel covered peaches.
Bake the upside down cake in the preheated oven for 35-40 minutes or until the top is golden brown springs back to the touch (and a toothpick comes out with a few moist crumbs).
When the cake comes out of the oven, run through the sides of the pan with an offset spatula to release the edges.
Let the cake cool for 10 minutes, and then invert it onto a serving plate.