- Cake:
- 1/2 cup margarine
- 1/2 cup vegetable shortening
- 2 cups white sugar
- 5 egg yolks
- 2 cups all-purpose flour
- 1 teaspoon baking soda
- 1 cup buttermilk
- 1 cup chopped nuts
- 1 (3.5 ounce) can sweetened flaked coconut (such as Bakers® Angel Flake®)
- 1 teaspoon vanilla extract
- 5 egg whites
- Cream Cheese Frosting:
- 1 (8 ounce) package cream cheese, at room temperature
- 1/4 cup butter
- 1 (16 ounce) box confectioners' sugar
- 1 teaspoon vanilla extract
- 1/4 cup mixed nuts, or as desired for garnish (optional)
- Preheat oven to 350 degrees F (175 degrees C). Grease and flour 3 9×1.5-inch cake pans.
- Beat margarine, shortening, and white sugar together in a large bowl with an electric mixer until light and fluffy; add egg yolks one at a time, thoroughly beating each yolk into the butter mixture before adding the next.
- Mix flour and baking soda together in a bowl; alternately stir portions of flour mixture and buttermilk into the butter mixture, mixing until just incorporated into a cake batter. Stir 1 cup nuts, coconut, and 1 teaspoon vanilla extract into the batter.
- Beat egg whites in a glass or metal bowl until soft peaks form. Lift your beater or whisk straight up: the egg whites will form soft mounds rather than a sharp peak. Fold egg whites into the batter; pour into prepared pans.
- Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 30 minutes. Cool in the pans for 10 minutes before removing to cool completely on a wire rack.
- Beat cream cheese and butter together in a bowl until smooth. Beat confectioners' sugar and 1 teaspoon vanilla extract into the cream cheese mixture until smooth; spread over completely cooled cakes; garnish with 1/4 cup nuts.