To prepare the peaches: Add all of the ingredients to a medium-sized pan over medium heat. Allow the butter to melt completely, stirring the ingredients to combine. Once the butter has melted pull the pan off the heat and allow to cool while you preheat the oven.
To prepare the biscuits: Preheat the oven to 400 degrees. Combine the flour, brown sugar, baking powder, and salt in a large bowl. Use a pastry cutter or the backs of two forks to cut in the butter until it has bene reduced to pea-sized clumps throughout. Add a cup of the milk and stir to bring the dough together, adding an additional tablespoon of milk as needed until a shaggy dough has formed. Dump the clumps of wet dough out on the counter and use your hands to bring it together. Pat the mixture out into a flat disk and use a rolling pin on your floured surface to roll the dough out into a 9”x12” rectangle. Dump the peaches mixture out on half of the dough and fold the other half over top of it, pinching the edges to seal in the fruit. Transfer the rectangle of folded dough to a sheet pan. Use a sharp knife to cut the dough into 12 biscuits. Brush the top of it with milk or cream and sprinkle with a couple of tablespoons of sugar. Bake in the preheated oven for about 20-22 minutes or until the top is golden brown. Remove from oven and allow to cool for 5-10 minutes before slicing and serving.
To prepare the cream cheese glaze: Cream the cream cheese and powdered sugar with a hand mixer on medium speed until smooth. Add the milk and vanilla and stir to combine. Drizzle over the biscuits and enjoy!