Slice 2 pounds white or cremini mushrooms into thin slices, 1/8-inch or less. Set aside and finely mince 2 large shallots.
In a medium-size saucepan, bring 6 cups reduced sodium chicken broth to a simmer over medium heat. Once simmering, reduce the heat to low and keep at a simmer.
Meanwhile, in a large skillet, heat 1 tablespoon of olive oil over high heat. Add in the mushrooms, season with 1/2 teaspoon salt and 1/2 teaspoon black pepper, season with salt and pepper, and cook until nicely browned, 3-4 minutes, stirring continuously. Remove them from the pan and set them aside on a plate.
Without cleaning out the skillet, heat the remaining 2 tablespoons of olive oil over medium-high heat. Cook the shallots in the oil for 1 to 2 minutes, stirring continuously, and then add in 1 1/2 cups arborio riceToast the rice in the olive oil for about 3 to 4 minutes until golden, stirring continuously.
Use a ladle to transfer 1 cup of the simmering chicken broth in with the rice, stirring constantly. Once the rice absorbs all of the liquid, reduce the heat to medium and continue adding in broth 1/2 cup at a time until all 6 cups of the chicken broth have been added in and absorbed. Stirring consistently will help the rice cook evenly. It should take about 30 minutes to add the entire 6 cups of chicken broth.
Once all the liquid has been used, stir in the mushrooms, 4 tablespoons salted butter, and 1/3 cup freshly grated Parmesan cheese. Taste, and add additional salt and pepper to taste.
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Notes
Don't have shallots? You can replace the shallots in this recipe with 1/2 cup of minced white onion.