1

Place mushrooms in a small bowl; add water and let stand 20 minutes. Remove mushrooms with a slotted spoon, rinse well, and coarsely chop. Strain mushroom liquid through a fine sieve lined with a paper towel or cheesecloth.

2

Combine broth and mushroom liquid in a medium saucepan; bring just to boil. Reduce heat to low; keep at a simmer.

3

Meanwhile, heat oil in a Dutch oven over medium heat. Add mushrooms; cook, stirring constantly, until fragrant, about 1 minute. Transfer to a plate.

4

In the same Dutch oven, melt butter. Add onions; cook, stirring occasionally, until softened, about 2 minutes. Add rice; cook, stirring constantly, until translucent, about 2 minutes. Add vermouth; cook, stirring constantly, until absorbed. With ladle, add about ½ cup broth mixture; cook, stirring constantly, until most of liquid is absorbed. Continue to add broth mixture, ½ cup at a time, stirring constantly, until liquid is almost absorbed after each addition, about 20 minutes. Stir in reserved mushrooms; cook, stirring constantly, until rice is al dente but still very moist, about 3 minutes.

5

Remove pan from heat; stir in Parmesan, chives and pepper. Serve immediately.