In a large pot, heat butter and olive oil over medium heat.
Add sliced onions and cook for 10–12 minutes, stirring occasionally, until golden and caramelized.
Add minced garlic and cook for 1 minute until fragrant.
Add mushrooms and thyme, cooking for 8–10 minutes until mushrooms release their moisture and become tender.
Pour in broth, bring to a simmer, and cook for 15–20 minutes to allow flavors to meld.
Using an immersion blender, blend the soup to your desired consistency—fully smooth or slightly chunky for texture.
Reduce heat to low and stir in cream. Cook for another 2–3 minutes, but do not boil.
Taste and adjust seasoning with salt and black pepper.
Serve hot, garnished with parsley, croutons, or a drizzle of cream if desired.