diff --git a/docs/community/release-notes.md b/docs/community/release-notes.md
index 392083005..baeeaf874 100644
--- a/docs/community/release-notes.md
+++ b/docs/community/release-notes.md
@@ -36,6 +36,12 @@ You can determine your currently installed version using `pip show`:
 
 ## 3.12.x series
 
+### 3.12.4
+
+Date: 26th March 2021
+
+* Revert use of `deque` instead of `list` for tracking throttling `.history`. (Due to incompatibility with DjangoRedis cache backend. See #7870) [#7872]
+
 ### 3.12.3
 
 Date: 25th March 2021
diff --git a/rest_framework/__init__.py b/rest_framework/__init__.py
index eb5d605b9..0c75d3617 100644
--- a/rest_framework/__init__.py
+++ b/rest_framework/__init__.py
@@ -10,7 +10,7 @@ ______ _____ _____ _____    __
 import django
 
 __title__ = 'Django REST framework'
-__version__ = '3.12.3'
+__version__ = '3.12.4'
 __author__ = 'Tom Christie'
 __license__ = 'BSD 3-Clause'
 __copyright__ = 'Copyright 2011-2019 Encode OSS Ltd'