diff --git a/Makefile b/Makefile
index 7321fe1499e..2fcb704077e 100644
--- a/Makefile
+++ b/Makefile
@@ -1,9 +1,9 @@
 # SPDX-License-Identifier: GPL-2.0+
 
 VERSION = 2024
-PATCHLEVEL = 04
+PATCHLEVEL = 07
 SUBLEVEL =
-EXTRAVERSION =
+EXTRAVERSION = -rc1
 NAME =
 
 # *DOCUMENTATION*
diff --git a/doc/develop/release_cycle.rst b/doc/develop/release_cycle.rst
index 7931521ad9b..e44252f0fb6 100644
--- a/doc/develop/release_cycle.rst
+++ b/doc/develop/release_cycle.rst
@@ -53,8 +53,7 @@ Current Status
 
 * U-Boot v2024.04 was released on Tue 02 April 2024.
 
-* The Merge Window for the next release (v2024.07) is **open** until the -rc1
-  release on Mon 22 April 2024.
+* The Merge Window for the next release (v2024.07) is **closed**.
 
 * The next branch is now **closed**.
 
@@ -66,9 +65,9 @@ Future Releases
 .. The following commented out dates are for when release candidates are
    planned to be tagged.
 
-.. For the next scheduled release, release candidates were made on::
+For the next scheduled release, release candidates were made on::
 
-.. * U-Boot v2024.07-rc1 was released on Mon 22 April 2024.
+* U-Boot v2024.07-rc1 was released on Mon 22 April 2024.
 
 .. * U-Boot v2024.07-rc2 was released on Tue 06 May 2024.