Start by gathering all the ingredients. Separate the eggs and let the butter and cream cheese soften at room temperature. This ensures even mixing.

In a bowl, combine flour, coconut, pecans, baking soda, and cinnamon. This mixture brings together flavors that will enhance the cake.

In a large bowl, beat together softened butter, shortening, and sugars. Mix until light and fluffy. This step adds air and helps create that perfect texture.

Stir in the egg yolks one at a time. You’ll want to make sure each one is fully integrated before adding the next. This creates a rich batter.

Add buttermilk, vanilla, and almond extracts into the mixture. The buttermilk not only adds flavor but helps keep the cake moist.

Gradually add the dry ingredients to the wet mixture, folding gently. This avoids over-mixing, which can lead to a dense cake.

In a clean bowl, beat the egg whites until stiff peaks form. This is key for achieving a light cake. Carefully fold the egg whites into the cake batter, maintaining as much air as possible.

Preheat your oven to 350°F (175°C). Grease and flour two round cake pans. Pour the batter evenly into the pans. Bake for 25-30 minutes until a toothpick inserted into the center comes out clean.

Once baked, let the layers cool in the pans for about 10 minutes before transferring them to a wire rack. Cooling is crucial to prevent sogginess.

While the cakes are cooling, prepare your icing. Beat the softened cream cheese and butter until creamy. Gradually add confectioners' sugar, coconut extract, vanilla, and lime juice. Mix until fluffy.

Place one layer on a serving platter. Spread a generous amount of icing on top. Add the second layer, then frost the top and sides evenly. Finally, sprinkle toasted coconut and pecans over the top.