diff --git a/CHANGES.md b/CHANGES.md
index 3c92bedda3d6b9511898dfa4a008da64f6a0b646..d310241766e5fe7eb04f58f6c6d0900e6bbea665 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 7826a519fab65d54c7cef9557bb3e359b18e08f7..0000000000000000000000000000000000000000
--- 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 8c84eecb20d16b24def85b5a7ab4cde7344752f0..886b871b721893b236726864f88a87b376b11ab2 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 3f577a19732190162c5f653414e65e16e05ab381..6b9f4e0dda9af2e1f9245dd9fd9ac73e4d4152ca 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"