1. Coat a large bowl with butter and set aside. Place milk and water in a heat-proof bowl or measuring cup and warm in the microwave until it reaches 100°F to 115°F (this can also be done in a small saucepan on the stovetop over low heat.) Once milk mixture is warm transfer to the bowl of a stand mixer fitted with a dough hook and sprinkle yeast on top. Set aside to rest until mixture bubbles, about 5 to 10 minutes. (If the mixture does not bubble, either the milk mixture was not at the correct temperature or the yeast was old.) Add eggs, sugar, and salt and whisk until evenly combined.
2. Add flour and place on a stand mixer fitted with the dough hook. Mix on low speed until flour is mixed in and dough just comes together, about 1 minute.
3. Increase mixer speed to medium-high and add the butter piece-by-piece, letting each piece completely incorporate before you add the next. Continue mixing until butter is completely incorporated and dough is smooth and pulling away from the sides, about 10 minutes total. Dough will be soft, moist, and slightly sticky.
4. Transfer dough to buttered bowl and turn to coat. Cover the bowl with plastic wrap and leave in a warm place until dough doubles in size, about 1 1/2 hours.
5. Punch dough down, cover, return to the warm place, and let rise again until doubled, about 45 to 60 minutes.

1. Butter two 8-inch cake pans; set aside. Melt the butter in a medium saucepan over medium heat; stir in the sugar and milk. Continue to cook, stirring occasionally, until boiling, about 10 minutes. Divide caramel evenly between the pans; set aside.

1. In a small bowl, combine the sugar and cardamom and mix well; set aside.

To assemble:

1. On a lightly floured work surface with a lightly floured rolling pin, roll dough into a 14-by-14-inch square. Using your hands, spread 3 tablespoons of room-temperature butter evenly over dough, then sprinkle with cardamom-sugar mixture.
2. Starting at edge closest to you, roll dough into a cylindrical shape. As necessary, stretch dough to ensure that it is being rolled evenly.
3. Using a sharp knife, slice cylinder into 12 pieces (they will resemble slices of a tortilla wrap).
4. Place 1 roll in center of each cake pan. Evenly space 5 rolls around each center roll. (At this point you can cover the pans with plastic wrap and refrigerate them overnight.) If baking immediately, set, uncovered, in a warm place to rise for 40 minutes.
5. Heat oven to 350°F and arrange the rack in the middle of the oven. (If rolls have been refrigerated, take out of the refrigerator and let sit at room temperature for 40 minutes before baking.) Bake until puffed, golden brown, and an instant-read thermometer inserted into center roll reads 190°F, about 35 minutes. Remove the pan from the oven and immediately invert onto a serving plate. Let rolls sit in the inverted pan 1 to 2 minutes before removing the pan.