In a large skillet, heat the olive oil and 1 tablespoon of butter over medium heat. Add the sliced onion and sauté for about 15-20 minutes, stirring occasionally, until the onions are caramelized and golden brown.

Add the garlic powder, dried thyme, salt, and pepper to the onions. Stir to combine and cook for an additional 2 minutes.

In a separate pot, bring the beef broth to a simmer.

Add the rice to the skillet with the caramelized onions, stirring to coat the rice with the onion mixture.

Pour the simmering beef broth over the rice and bring to a gentle boil. Reduce the heat to low, cover, and let it cook for about 18-20 minutes, or until the rice is tender and has absorbed the liquid.

Once the rice is cooked, remove it from heat and stir in the remaining 2 tablespoons of butter and the shredded cheese until melted and creamy.

Fluff the rice with a fork and garnish with chopped parsley before serving.