Crush the saffron threads between your fingers, or grind them up, and add them to a small boil. Cover with the 1/4 C hot water and let sit for 10 minutes.
Add the oil and butter to your saucepan. Once the butter has melted stir in. Toast the rice over medium-high heat until it begins to deepen in color.
Stir in the saffron and the liquid you bloomed it in, followed by the chicken broth, water, and seasonings. Bring to a boil, then gently stir in the dehydrated bell peppers.
Cover with a tight-fitting lid and reduce the heat to medium-low. Simmer for 20 minutes, or until all of the liquid has been absorbed.
After 20 minutes have passed remove from heat and let stand for 5 minutes before lifting the lid. After 5 minutes fluff and serve. Dassit!
