Preheat your oven to 350°F (175°C). Grease and lightly flour three 9-inch round cake pans to prevent sticking.
In a small bowl, combine the buttermilk and baking soda. Stir gently and set aside. This mixture will help create a soft and tender cake.
In a large mixing bowl, add the shortening, butter, and sugar. Using a hand mixer or stand mixer, beat the mixture for 3–4 minutes until it becomes light and fluffy.
Add the eggs one at a time, mixing well after each addition. Stir in the vanilla extract.
In another bowl, whisk together the flour and baking powder.
Gradually add the dry ingredients to the butter mixture, alternating with the buttermilk mixture. Begin and end with the dry ingredients. Mix until just combined—do not overmix.
Gently fold in the coconut flakes until evenly distributed throughout the batter.
Divide the batter evenly between the three prepared cake pans. Spread the batter evenly with a spatula.
Bake for 30–35 minutes, or until a toothpick inserted into the center comes out clean.
Remove the cakes from the oven and allow them to cool in the pans for 10 minutes, then transfer them to a wire rack to cool completely.
To prepare the frosting, place the cream cheese and butter in a mixing bowl. Beat until smooth and creamy.
Add the vanilla extract and heavy cream, then gradually mix in the powdered sugar until the frosting is smooth and fluffy.
Fold in the coconut flakes and chopped walnuts until well combined.
Once the cake layers are completely cool, place one layer on a serving plate. Spread a generous amount of frosting on top. Repeat with the remaining layers.
Frost the top and sides of the cake evenly.
Enjoy!
