diff --git a/.github/workflows/release.yml b/.github/workflows/release.yml
index a667a5a97..d71998fbd 100644
--- a/.github/workflows/release.yml
+++ b/.github/workflows/release.yml
@@ -11,6 +11,9 @@ jobs:
     if: startsWith(github.ref, 'refs/tags/v')
     runs-on: ubuntu-latest
     steps:
+      - name: Checkout bpfman
+        uses: actions/checkout@v4
+        
       - name: Set env
         run: |
           echo "RELEASE_VERSION=${GITHUB_REF#refs/*/}" >> $GITHUB_ENV
diff --git a/Makefile b/Makefile
index 2a47eafcf..4bce1f884 100644
--- a/Makefile
+++ b/Makefile
@@ -3,7 +3,7 @@
 # To re-generate a bundle for another specific version without changing the standard setup, you can:
 # - use the VERSION as arg of the bundle target (e.g make bundle VERSION=0.0.2)
 # - use environment variables to overwrite this value (e.g export VERSION=0.0.2)
-VERSION ?= 0.5.0-rc2
+VERSION ?= 0.5.0-rc3
 
 # CHANNELS define the bundle channels used in the bundle.
 # Add a new line here if you would like to change its default config. (E.g CHANNELS = "candidate,fast,stable")
diff --git a/bundle/manifests/bpfman-operator.clusterserviceversion.yaml b/bundle/manifests/bpfman-operator.clusterserviceversion.yaml
index 9730316ad..96b945054 100644
--- a/bundle/manifests/bpfman-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/bpfman-operator.clusterserviceversion.yaml
@@ -296,7 +296,7 @@ metadata:
     capabilities: Basic Install
     categories: OpenShift Optional
     containerImage: quay.io/bpfman/bpfman-operator:v0.0.0
-    createdAt: "2024-07-11T20:30:36Z"
+    createdAt: "2024-07-12T15:52:56Z"
     operatorframework.io/suggested-namespace-template: |-
       {
         "apiVersion": "v1",
@@ -316,7 +316,7 @@ metadata:
     operators.operatorframework.io/builder: operator-sdk-v1.27.0
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v3
     repository: https://github.com/bpfman/bpfman
-  name: bpfman-operator.v0.5.0-rc2
+  name: bpfman-operator.v0.5.0-rc3
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -1131,4 +1131,4 @@ spec:
   provider:
     name: The bpfman Community
     url: https://bpfman.io/
-  version: 0.5.0-rc2
+  version: 0.5.0-rc3
diff --git a/changelogs/CHANGELOG-v0.5.0-rc3.md b/changelogs/CHANGELOG-v0.5.0-rc3.md
new file mode 100644
index 000000000..aaf8f8748
--- /dev/null
+++ b/changelogs/CHANGELOG-v0.5.0-rc3.md
@@ -0,0 +1,20 @@
+Pre-release 3 for 0.5.0
+
+The v0.5.0 release is a minor release that is the first official release with bpfman-operator in a separate repo.
+
+A notable feature in this release is support for the BpfApplication CRD, which allows an application developer to deploy a set of required eBPF programs using a single BpfApplication CRD rather than multiple separate *Program CRDs.
+
+## What's Changed
+* SDN-5007: introducing bfpapplication object by @msherif1234 in https://github.com/bpfman/bpfman-operator/pull/6
+* Fixups for pr #6 by @anfredette in https://github.com/bpfman/bpfman-operator/pull/31
+* build(deps): bump the production-dependencies group with 2 updates by @dependabot in https://github.com/bpfman/bpfman-operator/pull/32
+* Add app integeration test by @msherif1234 in https://github.com/bpfman/bpfman-operator/pull/23
+* remove api doc gen by @astoycos in https://github.com/bpfman/bpfman-operator/pull/34
+* fix broken link the readme and few minor edits by @msherif1234 in https://github.com/bpfman/bpfman-operator/pull/33
+* build(deps): bump google.golang.org/grpc from 1.64.0 to 1.65.0 in the production-dependencies group by @dependabot in https://github.com/bpfman/bpfman-operator/pull/39
+* handle update app object by removing an existing program by @msherif1234 in https://github.com/bpfman/bpfman-operator/pull/38
+* More concise naming scheme for BpfPrograms by @anfredette in https://github.com/bpfman/bpfman-operator/pull/37
+* update build-release-yamls target by @msherif1234 in https://github.com/bpfman/bpfman-operator/pull/42
+* cut v0.5.0-rc1 release by @anfredette in https://github.com/bpfman/bpfman-operator/pull/41
+
+**Full Changelog**: https://github.com/bpfman/bpfman-operator/compare/v0.4.2...v0.5.0-rc2
\ No newline at end of file