In a heavy bottom saucepan, bring water, rice and salt to a boil. Once it's reached a rolling boil, reduce heat to low and simmer for 40 minutes.
After 15 minutes have passed, heat a skillet to medium-high, and add your mushrooms and water. Cook for 10 minutes, stirring continuously and adding a TBSP of water if the mushrooms start to stick to the bottom.
In the mushroom skillet, add your parsley, thyme, and tarragon. Stir and cook for an additional 5 minutes.
When the rice has finished cooking, add in a TBSP of unsalted butter and your 4 ounces of parmesan. Stirring together to make sure the parmesan is incorporated. When the parmesan has been incorporated, add your mushrooms and herbs.
Add salt and pepper to taste.