diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5cd5fd28..5d168e94 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,13 @@
 
 All notable changes to the LaunchDarkly Java SDK will be documented in this file. This project adheres to [Semantic Versioning](http://semver.org).
 
+## [7.4.1] - 2024-05-13
+### Added:
+- Adds warning log if excessive start wait time is used.
+
+### Fixed:
+- Improved preprocessing allocations to reduce memory footprint in rare flag configurations.
+
 ## [7.4.0] - 2024-04-26
 ### Added:
 - This release introduces a Hooks API. Hooks are collections of user-defined callbacks that are executed by the SDK at various points of interest. You can use them to augment the SDK with metrics or tracing.
diff --git a/gradle.properties b/gradle.properties
index 75f41627..f588f98b 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,4 +1,4 @@
-version=7.4.0
+version=7.4.1
 # The following empty ossrh properties are used by LaunchDarkly's internal integration testing framework
 # and should not be needed for typical development purposes (including by third-party developers).
 ossrhUsername=
diff --git a/src/main/java/com/launchdarkly/sdk/server/Version.java b/src/main/java/com/launchdarkly/sdk/server/Version.java
index 16a70a81..5cba0833 100644
--- a/src/main/java/com/launchdarkly/sdk/server/Version.java
+++ b/src/main/java/com/launchdarkly/sdk/server/Version.java
@@ -4,5 +4,5 @@ abstract class Version {
   private Version() {}
   
   // This constant is updated automatically by our Gradle script during a release, if the project version has changed
-  static final String SDK_VERSION = "7.4.0";
+  static final String SDK_VERSION = "7.4.1";
 }