Preheat oven to 350°F. Butter a 9x13-inch baking dish thoroughly so the capirotada does not stick to the bottom. Checkpoint: Your dish is ready when butter coats the entire surface.

Spread 8 cups of bread cubes (1-inch pieces) on a large baking sheet in a single layer. Place on the middle rack of your preheated 350°F oven for 8–10 minutes, stirring halfway through with a wooden spoon. Toast until bread is light golden brown on edges but still slightly soft inside—not hard or dark. Remove and set aside on a clean plate. Checkpoint: Bread should smell fragrant and nutty, and cubes should feel slightly crispy on the outside.

In a medium saucepan, combine 1 cup piloncillo (or packed brown sugar), 2 cups water, 1 teaspoon ground cinnamon, 1/4 teaspoon ground cloves, 1/4 teaspoon ground nutmeg, and a pinch of salt. Place over medium heat and bring to a full rolling boil—watch for large bubbles breaking the surface—about 6–8 minutes. Stir frequently with a wooden spoon to dissolve the piloncillo completely. It should look like caramel-colored liquid with no grainy texture. Checkpoint: The mixture should smell sweet and spicy, and no brown sugar solids should remain visible when you tilt the pan.

Remove the saucepan from heat immediately when the mixture reaches a full boil. Add 1 teaspoon vanilla extract and 2 tablespoons apple cider vinegar—the mixture may bubble up slightly. Stir well to combine. Let the syrup cool on the counter for 3–5 minutes while you assemble the capirotada. Checkpoint: The syrup should be warm but not so hot it burns your fingertip when you dip it in quickly.

Pour half of the toasted bread cubes (about 4 cups) into the buttered 9x13-inch baking dish, spreading them in an even layer across the bottom. Press gently with your hands to compact slightly.

Sprinkle half of 1 cup chopped pecans (or walnuts) evenly over the bread layer. Then sprinkle half of 1 cup raisins over the pecans. Finally, sprinkle half of 1 cup shredded queso fresco cheese over the raisins. You should see distinct pockets of nuts, fruit, and cheese across the entire surface.

Pour the remaining 4 cups of toasted bread cubes over the first layer, again spreading evenly and pressing gently to compact.

Sprinkle the remaining pecans, raisins, and cheese over the top bread layer in the same distribution method. This creates an even flavor throughout. Checkpoint: All ingredients should be visible on top in roughly equal amounts.

Carefully pour the warm (not hot) syrup evenly over the entire top layer, pouring slowly in a circular motion so it soaks all areas. Use about two-thirds of the syrup. Wait 1–2 minutes to let the bread absorb the liquid. Then gently press the top layer with a spatula to help the syrup distribute evenly downward without crushing the bread. Pour any remaining syrup over the top. Checkpoint: The top should look moist and glossy but not swimming in liquid; bread cubes should still be distinguishable.

Place the baking dish on the middle rack of your preheated 350°F oven. Bake uncovered for 25–35 minutes until the top is light golden brown and most syrup is absorbed (a slight syrupy layer should remain on top). The capirotada should not look wet or soupy, but it should not be bone-dry either. Checkpoint: When you gently tap the top with a wooden spoon, the bread should feel tender and moist, not crispy.

Remove the baking dish from the oven using oven mitts. Place on a heat-safe surface or trivet. Let the capirotada cool on the counter for at least 10 minutes before serving—this allows the layers to set and makes it easier to portion. Checkpoint: The capirotada should still be warm but cool enough that you can touch the dish without pain.