Preheat oven to 350 degrees F. Line a baking pan with parchment paper or foil.
Place strawberries on sheet pan, toss with sugar and bake for 25 minutes or until soft and syrupy. Transfer to a bowl and refrigerate until cold. When chilled, add to a food processor with condensed milk and pulse until the mixture is still chunky or smooth, your preference. Set aside.
In a large bowl, add cream, and with an electric beater, whip until soft peaks form. Add in the extract and powdered sugar and briefly beat in until firm, not quite stiff, peaks form. Do not over-whip. Add about 1/3 of the strawberry mixture and by hand, with a spatula, gently stir in. Add in the remainder and fold in.
Place in a 9 x 5 loaf pan and spread the top smooth. Put in freezer and once firm to the touch, cover with plastic wrap or foil. Continue to freeze for a total of 8 hours or overnight.
Just before serving, remove ice cream from freezer and place in refrigerator for 10–15 minutes or until ice cream softens enough to scoop.