Preheat the Oven:
Preheat your oven to 325°F (163°C). Grease and flour a 10-inch bundt pan.
Prepare the Cake Batter:
In a large mixing bowl, beat the softened butter, brown sugar, and granulated sugar together until light and fluffy, about 3-5 minutes.
Add the eggs, one at a time, beating well after each addition.
In a separate bowl, whisk together the flour, baking powder, and salt.
Gradually add the dry ingredients to the butter mixture, alternating with the milk, beginning and ending with the dry ingredients. Mix until just combined.
Stir in the vanilla extract.
Bake the Cake:
Pour the batter into the prepared bundt pan, spreading it evenly.
Bake in the preheated oven for 75-85 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan for 15 minutes, then turn it out onto a wire rack to cool completely.
Prepare the Caramel Glaze:
In a saucepan over medium heat, melt the butter and brown sugar together, stirring constantly until the sugar is dissolved.
Add the milk and bring the mixture to a boil. Boil for 2 minutes, then remove from heat and stir in the vanilla extract.
Let the glaze cool slightly before drizzling over the cooled cake.