For the Pound Cake:

1. Preheat oven to 300°F (150°C). Prepare a square tube pan by fitting it with a parchment paper square and coating with baking spray.
2. In a stand mixer, cream butter and sugar on medium speed for 6 minutes until pale and fluffy.
3. Add cream cheese, salt, and vanilla extract. Beat until well combined, scraping the sides of the bowl as needed.
4. Add eggs, one at a time, mixing thoroughly after each addition.
5. Gradually mix in the flour in two additions on low speed until just incorporated. Do not overmix.
6. Pour batter into the prepared pan. Shake gently to settle the batter.
7. Place on the middle rack of the oven with a baking sheet below to catch drips. Bake for 2 ½ hours or until a skewer inserted into the center comes out clean.
8. Let the cake cool in the pan until safe to handle. Unmold using a metal can and allow the cake to cool completely on a wire rack.

For the Soft Caramel Topping:

1. In a saucepan over medium-low heat, combine sugar, butter, and water. Stir until butter melts.
2. Add sweetened condensed milk and bring to a boil, stirring occasionally.
3. Let boil without stirring, swirling the pan occasionally, until the mixture reaches 235-240°F (soft-ball stage) or boils for about 10 minutes.
4. Remove from heat and let cool, stirring occasionally, until thickened and around 125-130°F.
5. Pour the caramel over the cooled cake, spreading evenly with a spatula. Allow it to set.