Preheat oven to 325F degrees. Spray a 9x13-inch baking dish with nonstick cooking spray (like Baker’s Joy.)
In a large mixing bowl (or in the stand of an electric mixer) mix together 1/2 cup (1 stick) salted butter, softened to room temperature, 1/2 cup vegetable shortening (CRISCO) and 2 cups sugar until smooth.
Add in 5 large egg yolks, one at a time, mixing with an electric hand mixer or stand mixer after each egg, until blended.
In a small bowl mix together 1 cup buttermilk, 1 teaspoon vanilla extract and 1 teaspoon baking soda.
Add 1/2 a cup of the 2 cups all-purpose flour at a time, and 1/4 of the buttermilk mixture.
Repeat this process until all the flour and buttermilk is added. Blend well with hand mixer or stand mixer each time you add an ingredient.
Gently stir in 1 cup chopped pecans, 1/2 cup shredded sweetened coconut and 5 large beaten egg whites until well blended. Pour batter into prepared baking dish.
Bake for 40-45 minutes.
Reduce heat to 225F degrees, and bake an additional 10 minutes, or until toothpick comes out clean. Let cool completely.
For the frosting:
In a large bowl, with an electric mixer, mix together 1/2 cup (1 stick) salted butter, softened to room temperature, 8 ounce block cream cheese, softened to room temperature, 1 teaspoon vanilla extract and 1/4 of the 1 box (16 ounce) powdered sugar.
Mix on high until smooth and add more powdered sugar. Continue this process until the box of powdered sugar is empty and frosting is completely smooth.
Frost the cooled cake and top with shredded sweetened coconut and chopped pecans and serve.
Video
Notes
Leftovers need to be kept refrigerated. Cake can be frozen.