Preheat your oven to 350°F and prepare three 9-inch round cake pans by greasing them with butter or shortening and coating with flour.

In a large mixing bowl, cream together unsalted butter, shortening, and sugar using an electric mixer on medium speed for about 5-7 minutes until light and fluffy.

Beat in egg yolks one at a time, followed by the vanilla extract, until fully incorporated.

Gradually add all-purpose flour and baking soda to the creamed mixture, alternating with the buttermilk, mixing until just combined.

Gently fold in the shredded coconut and finely chopped pecans.

In a separate bowl, beat egg whites until stiff peaks form and gently fold them into the batter.

Divide the cake batter among prepared pans and bake for 20-25 minutes or until a toothpick inserted comes out clean.

Allow cakes to cool in the pans for 10 minutes before transferring to wire racks to cool completely.

Beat softened cream cheese and butter together until smooth and creamy. Gradually add powdered sugar and remaining vanilla extract, mixing until fluffy.

Frost the cooled cake layers with cream cheese frosting, layering and coating the entire cake.

Garnish with toasted coconut and chopped pecans.

Slice and serve the cake, enjoying the delightful flavors.