Add rice & 2 cups broth to a medium saucepan and bring to a boil over high heat.
Reduce heat to low, cover and cook about 20 minutes.
Remove from heat and keep covered (rice will not be done yet and there will still be some broth in the pan).
Meanwhile, heat the remaining broth in a medium saucepan over high heat until boiling. Reduce heat to low and keep hot.
Heat 2 Tablespoons of the olive oil in a large skillet over medium-high heat.
Add mushrooms and a little salt & pepper and saute until well browned (5-8 minutes). Transfer to a bowl.
Heat the remaining 2 Tablespoons of olive oil in the same skillet over medium heat.
Add onion, shallots and a little salt & pepper and saute until shallots start to brown (about 5 minutes). Add garlic and saute for an additional 1-2 minutes.
Add the rice to the skillet with the onion mixture. Add wine and cook, stirring constantly, until it is mostly absorbed.
Add 1 cup of the hot broth to the skillet and cook, stirring constantly, until it is mostly absorbed.
Repeat with remaining broth, a ladle or 2 at a time, for about 20 minutes.
Add final 1/4 cup broth, mushrooms, Parmesan and thyme and stir until combined.
Serve immediately!
Nutrition Info Per Serving: Calories 454 Total Fat 21 g Cholesterol 11 mg Sodium 2120 mg Potassium 537 mg Total Carbohydrate 52 g Dietary Fiber 3 g Sugars 9 g Protein 11 g