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1. In a large saucepan, heat oil over medium heat. Add onion and garlic; cook until onion is tender. Add the uncooked rice. Cook and stir about 5 minutes or until rice is golden.
2. Meanwhile, in a medium saucepan, combine broth and the water. Bring to boiling; reduce heat until simmering. Carefully add 1 cup of the broth mixture to the rice mixture, stirring constantly. Continue to cook and stir over medium heat until liquid is absorbed.
3. Add another 1 cup of the broth mixture to the rice mixture, stirring constantly. Continue to cook and stir until liquid is absorbed. Add another 1 cup of the broth mixture, 1/2 cup at a time, stirring constantly until the broth mixture has been absorbed. (This should take 18 to 20 minutes total.)
4. Stir in the remaining broth mixture, the peas, and carrot. Cook and stir until the rice is slightly creamy and just tender.
5. Stir in the spinach, Parmesan cheese, thyme, and pepper; heat through. Serve immediately.