Brush any dirt or debris from your mushrooms, then trim and slice them.
Heat a large skillet over medium high heat, and, working in batches, add the mushrooms to the dry pan and cook, stirring often, until they have lost their moisture and begun to brown. Remove the mushrooms to a plate and set aside. Note: do this in 2 or 3 batches because if you crowd the pan the mushrooms will steam instead of caramelize.
Add the butter to the same pan and allow to melt, then add the shallots and garlic. Saute for a couple of minutes soften, then deglaze the pan with the sherry. Be sure to scrape up all the good brown stuff from the bottom of the pan, it's great flavor. Scrape everything onto the plate with the mushrooms.
Put the mayo, sour cream, cheeses, salt and pepper in a bowl. Stir to combine well. Break up the processed cheese into smaller pieces before adding.
Fold in the mushrooms and shallots, making sure to get everything evenly incorporated.
Turn into a shallow baking dish, I used a 10-inch ceramic pie plate, but you can use a gratin dish or a cast iron skillet of a similar size. Spread out evenly.
Bake the dip for about 25 minutes, or until bubbling around all the edges and starting to turn golden. The size and shape of your pan will affect how long you need to cook your dip. Serve immediately with toasted slices of bread.
You can make the dip ahead and refrigerate it, unbaked. Set it out on the counter for an hour before baking to allow it to come up to room temperature.
Notes
You can double the recipe for a crowd, and bake in a 9x13 pan.
Feel free to change out the cheese for your favorite. Try a smoked cheese like smoked gouda, or you can also mix cheeses like cheddar and mozzarella.
Dry vermouth, Marsala, or white wine can be substituted for the sherry.
If you don't do alcohol you can even use a splash of stock or water to deglaze the pan.
Nutritional information is provided as a courtesy and is an estimate only. This information comes from online calculators. Although The View from Great Island attempts to provide accurate nutritional information, these figures are only estimates.
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