diff --git a/CHANGES.md b/CHANGES.md
index 3c92bedda..d31024176 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,12 @@
+# Synapse 1.124.0rc3 (2025-02-07)
+
+### Bugfixes
+
+- Fix regression in performance of sending events due to superfluous reads and locks. Introduced in v1.124.0rc1. ([\#18141](https://github.com/element-hq/synapse/issues/18141))
+
+
+
+
 # Synapse 1.124.0rc2 (2025-02-05)
 
 ### Bugfixes
diff --git a/changelog.d/18141.bugfix b/changelog.d/18141.bugfix
deleted file mode 100644
index 7826a519f..000000000
--- a/changelog.d/18141.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix regression in performance of sending events due to superfluous reads and locks. Introduced in v1.124.0rc1.
diff --git a/debian/changelog b/debian/changelog
index 8c84eecb2..886b871b7 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.124.0~rc3) stable; urgency=medium
+
+  * New Synapse release 1.124.0rc3.
+
+ -- Synapse Packaging team <packages@matrix.org>  Fri, 07 Feb 2025 13:42:55 +0000
+
 matrix-synapse-py3 (1.124.0~rc2) stable; urgency=medium
 
   * New Synapse release 1.124.0rc2.
diff --git a/pyproject.toml b/pyproject.toml
index 3f577a197..6b9f4e0dd 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -97,7 +97,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.124.0rc2"
+version = "1.124.0rc3"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "AGPL-3.0-or-later"