Heat the oil in a dutch oven or large pot over medium-high heat.
Add the mushrooms, onion, carrot, garlic, 1 tsp salt, and ½ tsp black pepper to the pot then cook, stirring occasionally, for about 5 minutes.
Stir in the water, soy sauce, thyme, and rice then bring to a boil.
Cover the pot then reduce the heat to medium-low and simmer, stirring occasionally, for about 45 minutes or until rice is tender.
Taste and season with salt & pepper as needed.
