1. In the Fry pan
Heat 2 tablespoons of olive oil in the Fry Pan over medium-high heat. Stir in the mushrooms and thyme leaves, and cook until soft, about 5 minutes. Remove mushrooms and their liquid and set aside.
In a separate pan, heat up the broth. Add 1-tablespoon olive oil to the Fry Pan and cook the shallots for a few minutes. Add rice, stir to coat with oil stir for 2 minutes. Pour in wine and stir constantly until the wine is fully absorbed. Add 1/2 cup broth to the rice, stir until the broth is absorbed. Continue adding broth 1/2 cup at a time while stirring continuously, until the liquid is absorbed and the rice is al dente, about 15 - 20 minutes.
3. Finishing touches
Remove from heat, and stir in mushrooms with their liquid, butter, and parmesan. Season with salt and pepper and garnish with basil.