1. In a 10- to 12-inch frying pan over medium heat, melt 1 tablespoon butter. Add the macadamia nuts and stir until slightly darker brown, about 3 minutes. Scrape from pan into small bowl and set aside.
2. Add remaining butter, onion, and garlic to pan. Stir often over medium-high heat until onion is limp, about 5 minutes.
3. Add rice and stir often until grains turn opaque, about 5 minutes.
4. Add the broth and pepper. Heat to a simmer. Pour the mixture into a shallow 2 1/2- to 3-quart casserole; cover tightly.
5. Bake in a 375° oven until rice is tender to bite, 40 to 45 minutes. Uncover and sprinkle with nuts and parsley.