Preheat the oven to 350°F. Line three 8-inch cake pans with parchment paper circles and spray with cooking spray.
Spread both the pecans for the cake and the frosting on a baking sheet and bake for 6-8 minutes until toasted and fragrant. Remove and cool before chopping.
1 1/2 cups pecan halves
In a small bowl, combine the buttermilk and baking soda. Set aside for 5 minutes to foam and almost double in volume.
1 cup buttermilk, 1/2 teaspoon baking soda
Meanwhile, cream the butter and sugar in a large mixing bowl for 3-4 minutes until fluffy and light. Add the egg yolks, vanilla extract, and almond extract. Beat again, stopping to scrape the bottom and sides of the bowl.
1 cup salted butter, 2 cups (400g) granulated sugar, 5 large eggs, 2 teaspoons pure vanilla extract, 1/2 teaspoon almond extract
Add half of the flour, baking powder, and salt, mixing just until incorporated. It's okay for streaks of flour to remain. Add half of the buttermilk and baking soda mixture and mix again. Repeat with the remaining flour and buttermilk, mixing just until combined and scraping the bottom and sides of the bowl. Stir in the toasted pecans and coconut.
2 cups (282g) all-purpose flour, 1/2 teaspoon salt, 1 cup shredded sweetened coconut, 1 teaspoon baking powder
Beat the egg whites until light and fluffy in a separate bowl using an electric mixer. Gently fold the egg whites into the cake batter. I like to add half of the beaten egg whites first, then the rest of them once that is mostly mixed in.
Evenly divide the batter between the prepared pans and bake for 30 to 35 minutes or until a toothpick inserted into the center of each cake comes out clean or with just a few crumbs clinging to them. Cool in the pans for 10 minutes before turning out onto a wire rack to cool completely before assembling the cake.
For the frosting, beat the cream cheese and butter in a large mixing bowl until combined. Add the powdered sugar, vanilla extract, and almond extract. Mix just until everything starts to come together. Add the chopped pecans and toasted coconut. Continue mixing until spreadable and smooth. The longer you mix cream cheese frosting, the thinner it will get, even without adding cream or milk, so don't continue beating this frosting thinking it will get fluffier the more you beat it.
2 (8-ounce) packages full-fat cream cheese, 1 cup salted butter, 2 teaspoons pure vanilla extract, 1/2 teaspoon almond extract, 8 cups powdered sugar, 3/4 cup chopped pecans, 1 cup toasted coconut
Level the cake levels, if needed, then assemble each cake layer and frost with a generous amount of the frosting. Add a crumb coat, then chill in the freezer for 30 minutes to set the crumb coat. Frosting with the remaining frosting, then serve.