Start by roasting the pecans. Preheat the oven to 325 degrees F and spread pecans out onto a rimmed baking sheet. Toast in the oven for 5 minutes, then remove and give them a good toss. Place back into the oven for another 5 minutes and set aside to cool completely.
Use a brush to coat an 18-cup tube pan or bundt pan with shortening (you can also use Baker's Joy). Add about 2-3 tbsps flour to the pan, ensuring the entire pan is covered, dust off any excess flour. Place the cake pan in the refrigerator (this prevents the cake from sticking, trust me on this!).
Remove 1 cup of pecans from the baking sheet and chop them up into small bits and all to a large bowl. Then add in the remainder of the dry ingredients - cake flour, nutmeg, coconut flakes, baking powder, and kosher salt.
Chop up the remainder of the pecans and place into a large separate bowl - this will be for the streusel. Add in coconut flakes, sugar, brown sugar, and flour. Toss together and pour in melted butter and mix until it becomes crumbly.
Add room temperature butter, butter flavored shortening, and sugar to the bowl of a stand mixer fitted with the paddle attachment. Cream together on medium speed for 5 minutes, scrape down the sides of the bowl and reduce mix to low speed.
Begin adding in eggs one at a time, ensuring each egg is fully incorporated prior to adding the next. Scrape down the sides of the bowl again and add in the butter vanilla emulsion (or vanilla extract), coconut extract, and almond extract. Mix until just combined, about 10 seconds.
Add half of the dry ingredients to the wet ingredients and mix until just combined - the pour in the evaporated milk and sour cream and mix until just combined (the batter may split, this is OK) and mix until combined, about 15 seconds. Add the remainder of the flour mixture and mix until everything is combined and smooth, about 10-15 seconds.
Remove the tube pan from the refrigerator and sprinkle half of the streusel onto the bottom of the pan. Pour the cake batter on top of the streusel, then sprinkle the remaining streusel on top of the cake batter. Bake in the oven on the middle rack for 1 hour and 25-35 minutes, until a wooden skewer inserted into the center of the cake comes out with just a few moist crumbs.
Allow the cake to cool in the pan for 20 minutes, then remove and place onto a wire rack to let the cake cool completely.
Add butter to a skillet over medium heat and melt. Stir until the butter becomes becomes foamy and browned bits begin to collect on the bottom of the pan, this will take about 10 minutes. (it should also smell like a nutty caramel)
Pour the browned butter into a medium bowl and add in powdered sugar, milk, and a splash of vanilla extract. Whisk together and begin adding milk one tbsp at a time. Add more milk for a looser texture, less for a thicker texture.
Pour the glaze over the cooled cake and top with leftover pecans.
Notes
Always start with room temperature ingredients! Cold eggs, butter, or buttermilk can prevent your batter from emulsifying properly, which affects texture and rise. Let everything sit out for 3 hours before starting (depending on the temperature of your house).
Layer the crunch coating first - Add the coconut-sugar mixture to the pan before the batter. This ensures the signature golden “crunch” forms on the top once you flip it out.
Tap out air bubbles - After pouring the batter in, tap the pan on the counter a few times to release trapped air. This prevents holes and tunnels in the finished cake.
Measure flour correctly!! This can make or break your cake. Use a kitchen scale (volumetric measurements can be found in the recipe card) or spoon flour into your measuring cup, then level it off. Don’t scoop directly from the bag or you’ll pack in too much and end up with a dense, dry cake.
Use an oven thermometer - Home ovens can be wildly inaccurate. For consistent results, bake with an oven thermometer to make sure you’re actually at 325°F. I always use an oven thermometer and the results may actually shock you as to how wildly an oven can vary in temperature!