diff --git a/CHANGES.md b/CHANGES.md
index db11de0e85..16c11ff0cb 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,193 @@
+Synapse 1.27.0rc1 (2021-02-02)
+==============================
+
+Note that this release includes a change in Synapse to use Redis as a cache ─ as well as a pub/sub mechanism ─ if Redis support is enabled. No action is needed by server administrators, and we do not expect resource usage of the Redis instance to change dramatically.
+
+This release also changes the callback URI for OpenID Connect (OIDC) identity providers. If your server is configured to use single sign-on via an OIDC/OAuth2 IdP, you may need to make configuration changes. Please review [UPGRADE.rst](UPGRADE.rst) for more details on these changes.
+
+This release also changes escaping of variables in the HTML templates for SSO or email notifications. If you have customised these templates, please review [UPGRADE.rst](UPGRADE.rst) for more details on these changes.
+
+
+Features
+--------
+
+- Add an admin API for getting and deleting forward extremities for a room. ([\#9062](https://github.com/matrix-org/synapse/issues/9062))
+- Add an admin API for retrieving the current room state of a room. ([\#9168](https://github.com/matrix-org/synapse/issues/9168))
+- Add experimental support for allowing clients to pick an SSO Identity Provider ([MSC2858](https://github.com/matrix-org/matrix-doc/pull/2858)). ([\#9183](https://github.com/matrix-org/synapse/issues/9183), [\#9242](https://github.com/matrix-org/synapse/issues/9242))
+- Add an admin API endpoint for shadow-banning users. ([\#9209](https://github.com/matrix-org/synapse/issues/9209))
+- Add ratelimits to the 3PID `/requestToken` APIs. ([\#9238](https://github.com/matrix-org/synapse/issues/9238))
+- Add support to the OpenID Connect integration for adding the user's email address. ([\#9245](https://github.com/matrix-org/synapse/issues/9245))
+- Add ratelimits to invites in rooms and to specific users. ([\#9258](https://github.com/matrix-org/synapse/issues/9258))
+- Improve the user experience of setting up an account via single-sign on. ([\#9262](https://github.com/matrix-org/synapse/issues/9262), [\#9272](https://github.com/matrix-org/synapse/issues/9272), [\#9275](https://github.com/matrix-org/synapse/issues/9275), [\#9276](https://github.com/matrix-org/synapse/issues/9276), [\#9277](https://github.com/matrix-org/synapse/issues/9277), [\#9286](https://github.com/matrix-org/synapse/issues/9286), [\#9287](https://github.com/matrix-org/synapse/issues/9287))
+- Add phone home stats for encrypted messages. ([\#9283](https://github.com/matrix-org/synapse/issues/9283))
+- Update the redirect URI for OIDC authentication. ([\#9288](https://github.com/matrix-org/synapse/issues/9288))
+
+
+Bugfixes
+--------
+
+- Fix spurious errors in logs when deleting a non-existant pusher. ([\#9121](https://github.com/matrix-org/synapse/issues/9121))
+- Fix a long-standing bug where Synapse would return a 500 error when a thumbnail did not exist (and auto-generation of thumbnails was not enabled). ([\#9163](https://github.com/matrix-org/synapse/issues/9163))
+- Fix a long-standing bug where an internal server error was raised when attempting to preview an HTML document in an unknown character encoding. ([\#9164](https://github.com/matrix-org/synapse/issues/9164))
+- Fix a long-standing bug where invalid data could cause errors when calculating the presentable room name for push. ([\#9165](https://github.com/matrix-org/synapse/issues/9165))
+- Fix bug where we sometimes didn't detect that Redis connections had died, causing workers to not see new data. ([\#9218](https://github.com/matrix-org/synapse/issues/9218))
+- Fix a bug where `None` was passed to Synapse modules instead of an empty dictionary if an empty module `config` block was provided in the homeserver config. ([\#9229](https://github.com/matrix-org/synapse/issues/9229))
+- Fix a bug in the `make_room_admin` admin API where it failed if the admin with the greatest power level was not in the room. Contributed by Pankaj Yadav. ([\#9235](https://github.com/matrix-org/synapse/issues/9235))
+- Prevent password hashes from getting dropped if a client failed threepid validation during a User Interactive Auth stage. Removes a workaround for an ancient bug in Riot Web <v0.7.4. ([\#9265](https://github.com/matrix-org/synapse/issues/9265))
+- Fix single-sign-on when the endpoints are routed to synapse workers. ([\#9271](https://github.com/matrix-org/synapse/issues/9271))
+
+
+Improved Documentation
+----------------------
+
+- Add docs for using Gitea as OpenID provider. ([\#9134](https://github.com/matrix-org/synapse/issues/9134))
+- Add link to Matrix VoIP tester for turn-howto. ([\#9135](https://github.com/matrix-org/synapse/issues/9135))
+- Add notes on integrating with Facebook for SSO login. ([\#9244](https://github.com/matrix-org/synapse/issues/9244))
+
+
+Deprecations and Removals
+-------------------------
+
+- The `service_url` parameter in `cas_config` is deprecated in favor of `public_baseurl`. ([\#9199](https://github.com/matrix-org/synapse/issues/9199))
+- Add new endpoint `/_synapse/client/saml2` for SAML2 authentication callbacks, and deprecate the old endpoint `/_matrix/saml2`. ([\#9289](https://github.com/matrix-org/synapse/issues/9289))
+
+
+Internal Changes
+----------------
+
+- Add tests to `test_user.UsersListTestCase` for List Users Admin API. ([\#9045](https://github.com/matrix-org/synapse/issues/9045))
+- Various improvements to the federation client. ([\#9129](https://github.com/matrix-org/synapse/issues/9129))
+- Speed up chain cover calculation when persisting a batch of state events at once. ([\#9176](https://github.com/matrix-org/synapse/issues/9176))
+- Add a `long_description_type` to the package metadata. ([\#9180](https://github.com/matrix-org/synapse/issues/9180))
+- Speed up batch insertion when using PostgreSQL. ([\#9181](https://github.com/matrix-org/synapse/issues/9181), [\#9188](https://github.com/matrix-org/synapse/issues/9188))
+- Emit an error at startup if different Identity Providers are configured with the same `idp_id`. ([\#9184](https://github.com/matrix-org/synapse/issues/9184))
+- Improve performance of concurrent use of `StreamIDGenerators`. ([\#9190](https://github.com/matrix-org/synapse/issues/9190))
+- Add some missing source directories to the automatic linting script. ([\#9191](https://github.com/matrix-org/synapse/issues/9191))
+- Precompute joined hosts and store in Redis. ([\#9198](https://github.com/matrix-org/synapse/issues/9198), [\#9227](https://github.com/matrix-org/synapse/issues/9227))
+- Clean-up template loading code. ([\#9200](https://github.com/matrix-org/synapse/issues/9200))
+- Fix the Python 3.5 old dependencies build. ([\#9217](https://github.com/matrix-org/synapse/issues/9217))
+- Update `isort` to v5.7.0 to bypass a bug where it would disagree with `black` about formatting. ([\#9222](https://github.com/matrix-org/synapse/issues/9222))
+- Add type hints to handlers code. ([\#9223](https://github.com/matrix-org/synapse/issues/9223), [\#9232](https://github.com/matrix-org/synapse/issues/9232))
+- Fix Debian package building on Ubuntu 16.04 LTS (Xenial). ([\#9254](https://github.com/matrix-org/synapse/issues/9254))
+- Minor performance improvement during TLS handshake. ([\#9255](https://github.com/matrix-org/synapse/issues/9255))
+- Refactor the generation of summary text for email notifications. ([\#9260](https://github.com/matrix-org/synapse/issues/9260))
+- Restore PyPy compatibility by not calling CPython-specific GC methods when under PyPy. ([\#9270](https://github.com/matrix-org/synapse/issues/9270))
+
+
+Synapse 1.26.0 (2021-01-27)
+===========================
+
+This release brings a new schema version for Synapse and rolling back to a previous
+version is not trivial. Please review [UPGRADE.rst](UPGRADE.rst) for more details
+on these changes and for general upgrade guidance.
+
+No significant changes since 1.26.0rc2.
+
+
+Synapse 1.26.0rc2 (2021-01-25)
+==============================
+
+Bugfixes
+--------
+
+- Fix receipts and account data not being sent down sync. Introduced in v1.26.0rc1. ([\#9193](https://github.com/matrix-org/synapse/issues/9193), [\#9195](https://github.com/matrix-org/synapse/issues/9195))
+- Fix chain cover update to handle events with duplicate auth events. Introduced in v1.26.0rc1. ([\#9210](https://github.com/matrix-org/synapse/issues/9210))
+
+
+Internal Changes
+----------------
+
+- Add an `oidc-` prefix to any `idp_id`s which are given in the `oidc_providers` configuration. ([\#9189](https://github.com/matrix-org/synapse/issues/9189))
+- Bump minimum `psycopg2` version to v2.8. ([\#9204](https://github.com/matrix-org/synapse/issues/9204))
+
+
+Synapse 1.26.0rc1 (2021-01-20)
+==============================
+
+This release brings a new schema version for Synapse and rolling back to a previous
+version is not trivial. Please review [UPGRADE.rst](UPGRADE.rst) for more details
+on these changes and for general upgrade guidance.
+
+Features
+--------
+
+- Add support for multiple SSO Identity Providers. ([\#9015](https://github.com/matrix-org/synapse/issues/9015), [\#9017](https://github.com/matrix-org/synapse/issues/9017), [\#9036](https://github.com/matrix-org/synapse/issues/9036), [\#9067](https://github.com/matrix-org/synapse/issues/9067), [\#9081](https://github.com/matrix-org/synapse/issues/9081), [\#9082](https://github.com/matrix-org/synapse/issues/9082), [\#9105](https://github.com/matrix-org/synapse/issues/9105), [\#9107](https://github.com/matrix-org/synapse/issues/9107), [\#9109](https://github.com/matrix-org/synapse/issues/9109), [\#9110](https://github.com/matrix-org/synapse/issues/9110), [\#9127](https://github.com/matrix-org/synapse/issues/9127), [\#9153](https://github.com/matrix-org/synapse/issues/9153), [\#9154](https://github.com/matrix-org/synapse/issues/9154), [\#9177](https://github.com/matrix-org/synapse/issues/9177))
+- During user-interactive authentication via single-sign-on, give a better error if the user uses the wrong account on the SSO IdP. ([\#9091](https://github.com/matrix-org/synapse/issues/9091))
+- Give the `public_baseurl` a default value, if it is not explicitly set in the configuration file. ([\#9159](https://github.com/matrix-org/synapse/issues/9159))
+- Improve performance when calculating ignored users in large rooms. ([\#9024](https://github.com/matrix-org/synapse/issues/9024))
+- Implement [MSC2176](https://github.com/matrix-org/matrix-doc/pull/2176) in an experimental room version. ([\#8984](https://github.com/matrix-org/synapse/issues/8984))
+- Add an admin API for protecting local media from quarantine. ([\#9086](https://github.com/matrix-org/synapse/issues/9086))
+- Remove a user's avatar URL and display name when deactivated with the Admin API. ([\#8932](https://github.com/matrix-org/synapse/issues/8932))
+- Update `/_synapse/admin/v1/users/<user_id>/joined_rooms` to work for both local and remote users. ([\#8948](https://github.com/matrix-org/synapse/issues/8948))
+- Add experimental support for handling to-device messages on worker processes. ([\#9042](https://github.com/matrix-org/synapse/issues/9042), [\#9043](https://github.com/matrix-org/synapse/issues/9043), [\#9044](https://github.com/matrix-org/synapse/issues/9044), [\#9130](https://github.com/matrix-org/synapse/issues/9130))
+- Add experimental support for handling `/keys/claim` and `/room_keys` APIs on worker processes. ([\#9068](https://github.com/matrix-org/synapse/issues/9068))
+- Add experimental support for handling `/devices` API on worker processes. ([\#9092](https://github.com/matrix-org/synapse/issues/9092))
+- Add experimental support for moving off receipts and account data persistence off master. ([\#9104](https://github.com/matrix-org/synapse/issues/9104), [\#9166](https://github.com/matrix-org/synapse/issues/9166))
+
+
+Bugfixes
+--------
+
+- Fix a long-standing issue where an internal server error would occur when requesting a profile over federation that did not include a display name / avatar URL. ([\#9023](https://github.com/matrix-org/synapse/issues/9023))
+- Fix a long-standing bug where some caches could grow larger than configured. ([\#9028](https://github.com/matrix-org/synapse/issues/9028))
+- Fix error handling during insertion of client IPs into the database. ([\#9051](https://github.com/matrix-org/synapse/issues/9051))
+- Fix bug where we didn't correctly record CPU time spent in `on_new_event` block. ([\#9053](https://github.com/matrix-org/synapse/issues/9053))
+- Fix a minor bug which could cause confusing error messages from invalid configurations. ([\#9054](https://github.com/matrix-org/synapse/issues/9054))
+- Fix incorrect exit code when there is an error at startup. ([\#9059](https://github.com/matrix-org/synapse/issues/9059))
+- Fix `JSONDecodeError` spamming the logs when sending transactions to remote servers. ([\#9070](https://github.com/matrix-org/synapse/issues/9070))
+- Fix "Failed to send request" errors when a client provides an invalid room alias. ([\#9071](https://github.com/matrix-org/synapse/issues/9071))
+- Fix bugs in federation catchup logic that caused outbound federation to be delayed for large servers after start up. Introduced in v1.8.0 and v1.21.0. ([\#9114](https://github.com/matrix-org/synapse/issues/9114), [\#9116](https://github.com/matrix-org/synapse/issues/9116))
+- Fix corruption of `pushers` data when a postgres bouncer is used. ([\#9117](https://github.com/matrix-org/synapse/issues/9117))
+- Fix minor bugs in handling the `clientRedirectUrl` parameter for SSO login. ([\#9128](https://github.com/matrix-org/synapse/issues/9128))
+- Fix "Unhandled error in Deferred: BodyExceededMaxSize" errors when .well-known files that are too large. ([\#9108](https://github.com/matrix-org/synapse/issues/9108))
+- Fix "UnboundLocalError: local variable 'length' referenced before assignment" errors when the response body exceeds the expected size. This bug was introduced in v1.25.0. ([\#9145](https://github.com/matrix-org/synapse/issues/9145))
+- Fix a long-standing bug "ValueError: invalid literal for int() with base 10" when `/publicRooms` is requested with an invalid `server` parameter. ([\#9161](https://github.com/matrix-org/synapse/issues/9161))
+
+
+Improved Documentation
+----------------------
+
+- Add some extra docs for getting Synapse running on macOS. ([\#8997](https://github.com/matrix-org/synapse/issues/8997))
+- Correct a typo in the `systemd-with-workers` documentation. ([\#9035](https://github.com/matrix-org/synapse/issues/9035))
+- Correct a typo in `INSTALL.md`. ([\#9040](https://github.com/matrix-org/synapse/issues/9040))
+- Add missing `user_mapping_provider` configuration to the Keycloak OIDC example. Contributed by @chris-ruecker. ([\#9057](https://github.com/matrix-org/synapse/issues/9057))
+- Quote `pip install` packages when extras are used to avoid shells interpreting bracket characters. ([\#9151](https://github.com/matrix-org/synapse/issues/9151))
+
+
+Deprecations and Removals
+-------------------------
+
+- Remove broken and unmaintained `demo/webserver.py` script. ([\#9039](https://github.com/matrix-org/synapse/issues/9039))
+
+
+Internal Changes
+----------------
+
+- Improve efficiency of large state resolutions. ([\#8868](https://github.com/matrix-org/synapse/issues/8868), [\#9029](https://github.com/matrix-org/synapse/issues/9029), [\#9115](https://github.com/matrix-org/synapse/issues/9115), [\#9118](https://github.com/matrix-org/synapse/issues/9118), [\#9124](https://github.com/matrix-org/synapse/issues/9124))
+- Various clean-ups to the structured logging and logging context code. ([\#8939](https://github.com/matrix-org/synapse/issues/8939))
+- Ensure rejected events get added to some metadata tables. ([\#9016](https://github.com/matrix-org/synapse/issues/9016))
+- Ignore date-rotated homeserver logs saved to disk. ([\#9018](https://github.com/matrix-org/synapse/issues/9018))
+- Remove an unused column from `access_tokens` table. ([\#9025](https://github.com/matrix-org/synapse/issues/9025))
+- Add a `-noextras` factor to `tox.ini`, to support running the tests with no optional dependencies. ([\#9030](https://github.com/matrix-org/synapse/issues/9030))
+- Fix running unit tests when optional dependencies are not installed. ([\#9031](https://github.com/matrix-org/synapse/issues/9031))
+- Allow bumping schema version when using split out state database. ([\#9033](https://github.com/matrix-org/synapse/issues/9033))
+- Configure the linters to run on a consistent set of files. ([\#9038](https://github.com/matrix-org/synapse/issues/9038))
+- Various cleanups to device inbox store. ([\#9041](https://github.com/matrix-org/synapse/issues/9041))
+- Drop unused database tables. ([\#9055](https://github.com/matrix-org/synapse/issues/9055))
+- Remove unused `SynapseService` class. ([\#9058](https://github.com/matrix-org/synapse/issues/9058))
+- Remove unnecessary declarations in the tests for the admin API. ([\#9063](https://github.com/matrix-org/synapse/issues/9063))
+- Remove `SynapseRequest.get_user_agent`. ([\#9069](https://github.com/matrix-org/synapse/issues/9069))
+- Remove redundant `Homeserver.get_ip_from_request` method. ([\#9080](https://github.com/matrix-org/synapse/issues/9080))
+- Add type hints to media repository. ([\#9093](https://github.com/matrix-org/synapse/issues/9093))
+- Fix the wrong arguments being passed to `BlacklistingAgentWrapper` from `MatrixFederationAgent`. Contributed by Timothy Leung. ([\#9098](https://github.com/matrix-org/synapse/issues/9098))
+- Reduce the scope of caught exceptions in `BlacklistingAgentWrapper`. ([\#9106](https://github.com/matrix-org/synapse/issues/9106))
+- Improve `UsernamePickerTestCase`. ([\#9112](https://github.com/matrix-org/synapse/issues/9112))
+- Remove dependency on `distutils`. ([\#9125](https://github.com/matrix-org/synapse/issues/9125))
+- Enforce that replication HTTP clients are called with keyword arguments only. ([\#9144](https://github.com/matrix-org/synapse/issues/9144))
+- Fix the Python 3.5 / old dependencies build in CI. ([\#9146](https://github.com/matrix-org/synapse/issues/9146))
+- Replace the old `perspectives` option in the Synapse docker config file template with `trusted_key_servers`. ([\#9157](https://github.com/matrix-org/synapse/issues/9157))
+
+
Synapse 1.25.0 (2021-01-13)
===========================
|
