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In a medium pot over high heat, bring the bone broth to a boil. Once the bone broth is boiling, lower the heat to a simmer.
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In a separate large pot, warm the olive oil over medium heat. Once the oil is shimmering, add the onion to the pot. Cook, stirring occasionally, for 5 minutes, or until the onions are translucent.
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Add ½ tablespoon of the butter, thyme, bay leaf and mushrooms. Cook for 5 more minutes, or until mushrooms are soft. Transfer the ingredients from the pot to a bowl and set aside.
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Using the same pot, melt the remaining butter over medium heat and add the arborio rice. Stir until the rice is fully coated in the butter. Then add salt and pepper.
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Using a measuring cup, pour 1 cup of the heated mushroom chicken bone broth into the pot with the rice. Cook until the rice has absorbed the broth, and repeat with the remaining broth, 1 cup at a time, after the broth has been absorbed or the rice is al dente, about 25-30 minutes.
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Add the mushroom mixture into the pot with the rice and broth, and stir in the parmesan and peas. Garnish with parsley.