diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 751389532..7cc8e7abd 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "3.5.3"
+  ".": "3.5.4"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 486479069..672d1121f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,13 @@
 # Changelog
 
+## [3.5.4](https://github.com/microsoft/OpenAPI.NET/compare/v3.5.3...v3.5.4) (2026-05-26)
+
+
+### Bug Fixes
+
+* **library:** handle circular schema references ([b3cd42b](https://github.com/microsoft/OpenAPI.NET/commit/b3cd42b7c2405b800e633ce63b044bb2409034a0))
+* **library:** handle circular schema references ([91a989f](https://github.com/microsoft/OpenAPI.NET/commit/91a989fdf412a1267debe925d2d586292fdd297d))
+
 ## [3.5.3](https://github.com/microsoft/OpenAPI.NET/compare/v3.5.2...v3.5.3) (2026-04-27)
 
 
diff --git a/Directory.Build.props b/Directory.Build.props
index 5770d48f9..46e756a9e 100644
--- a/Directory.Build.props
+++ b/Directory.Build.props
@@ -12,7 +12,7 @@
     <PackageProjectUrl>https://github.com/Microsoft/OpenAPI.NET</PackageProjectUrl>
     <Copyright>© Microsoft Corporation. All rights reserved.</Copyright>
     <PackageTags>OpenAPI .NET</PackageTags>
-    <Version>3.5.3</Version>
+    <Version>3.5.4</Version>
   </PropertyGroup>
   <!-- https://github.com/clairernovotny/DeterministicBuilds#deterministic-builds -->
   <PropertyGroup Condition="'$(TF_BUILD)' == 'true'">