Heat butter and oil in a medium pot over medium-high heat.
Sauté onion, garlic, and mushrooms for ~6-7 mins, or until tender, stirring occasionally.
Add thyme and flour, salt and pepper and cook for an additional 1-2 mins, stirring frequently, until fragrant.
Add cream and cook for a minute or so, stirring frequently.
Add broth and stir in uncooked rice. Bring to a boil, then reduce heat to medium-low, cover and simmer until rice is tender (~35 mins).
Add salt and pepper, as preferred. Serve immediately.
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