Bring chicken broth and mushroom stems to a simmer in a saucepan over medium high heat. Once simmering, turn the heat to medium low and cover. Let simmer for 5 minutes.
In a wide nonstick pan, heat butter and olive oil over medium heat. Add shallots and cook 2-3 minutes until translucent.
Add mushrooms and turn the heat to medium high. Season with salt and pepper and cook 5-7 minutes until the water has released from the mushrooms. Add garlic and thyme and cook for 30 seconds until fragrant. Add white wine and deglaze pan until evaporated.
Add rice and toast over medium high until grains are a light golden brown. Using a ladle, stir in enough bone broth to the risotto to just cover the rice, stirring until the rice has absorbed the broth. Repeat with another ladle or two or bone broth and repeat the process until the rice is al dente, about 20 mintues.
Add parmesan cheese, butter, and lemon juice and stir to incorporate. Finish with 1 tablespoon of butter and garnish with freshly chopped chives. Just before serving, loosen the risotto with a ¼ cup of broth if too thick.
Notes
Key TipsDon't Stir the Mushrooms Too Much: When cooking the mushrooms in the beginning, try to avoid stirring the mushrooms around too much. As the mushrooms release water, you want them to also brown, which will help develop flavor. For the best browning results, only stir occasionally - every couple minutes should do. However, don't let them sit without stirring at all - you do not want to burn the mushrooms!Add the Broth 1-2 Ladles at a Time: Don't add all of the broth into the pan with the arborio rice - you do not want to make mushroom soup! Adding broth gradually as the Mushroom Risotto cooks will help you control the consistency of your risotto. When adding broth into the pan to cook the rice, only add 1-2 ladles at a time. It should be just enough broth to cover the rice. Stir continuously until the broth has been absorbed into the rice before adding more. Continue this until the Mushroom Risotto is done. You do not have to use all of the broth - depending on the rice and heat level, you may or may not need all of the broth. Once the Mushroom Risotto is done to your liking, stop adding broth!Stir the Risotto: The arborio rice can burn and the starches released into the broth can turn gummy if you let it sit. Keep an eye on your Mushroom Risotto and keep stirring to ensure that it is evenly cooked. The myth of stirring nonstop for 30-45 minutes is not true - but you will need to stir often to ensure a beautifully creamy Mushroom Risotto. Trust me, it'll be worth it!Serve Immediately (It Will Thicken!): Mushroom Risotto will thicken as it sits - so it is best to serve it immediately to be enjoyed! If you find that it's thicker than you prefer, add a splash of broth or water to loosen it up.
Storage and Reheating Tips
You can store any leftover Mushroom Risotto in an airtight container in the refrigerator for up to 3 days. Mushroom Risotto will continue to thicken, so you will need to loosen it up during reheat - you can do this with a splash of broth or water. You can reheat in the microwave or on the stove. However, the flavors of Mushroom Risotto will be even more delicious, as the additional time sitting will help the flavors meld together even more!