Preheat oven to 325°F (165°C). Spread bread slices on a baking sheet and toast for 8–10 minutes until dry but not browned.
In a saucepan, combine brown sugar, water, cinnamon stick, cloves, and orange peel. Simmer for 10 minutes until slightly thickened. Strain and discard spices.
In a bowl, whisk together evaporated milk, sweetened condensed milk, and whole milk.
Grease a 9×13-inch baking dish with butter.
Arrange a layer of toasted bread in the dish. Drizzle with spiced syrup, then sprinkle raisins, nuts, coconut (if using), and cheese.
Repeat layers until ingredients are used.
Slowly pour the tres leches mixture evenly over the entire dish.
Cover loosely with foil and bake for 35–40 minutes.
Remove foil and bake an additional 10 minutes until the center is set but still creamy.
Let rest for 15 minutes before serving.