diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 7d2afb98762..7bb60422004 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.8.5
+current_version = 1.8.6
 parse = (?P<major>[\d]+) # major version number
 	\.(?P<minor>[\d]+) # minor version number
 	\.(?P<patch>[\d]+) # patch version number
diff --git a/.changes/1.8.6.md b/.changes/1.8.6.md
new file mode 100644
index 00000000000..4707f25fb1d
--- /dev/null
+++ b/.changes/1.8.6.md
@@ -0,0 +1,12 @@
+## dbt-core 1.8.6 - August 29, 2024
+
+### Fixes
+
+- Late render pre- and post-hooks configs in properties / schema YAML files ([#10603](https://github.com/dbt-labs/dbt-core/issues/10603))
+
+### Under the Hood
+
+- Improve speed of tree traversal when finding children, increasing build speed for some selectors ([#10434](https://github.com/dbt-labs/dbt-core/issues/10434))
+
+### Contributors
+- [@ttusing](https://github.com/ttusing) ([#10434](https://github.com/dbt-labs/dbt-core/issues/10434))
diff --git a/.changes/unreleased/Fixes-20240824-210903.yaml b/.changes/unreleased/Fixes-20240824-210903.yaml
deleted file mode 100644
index bf0dc9cb022..00000000000
--- a/.changes/unreleased/Fixes-20240824-210903.yaml
+++ /dev/null
@@ -1,6 +0,0 @@
-kind: Fixes
-body: Late render pre- and post-hooks configs in properties / schema YAML files
-time: 2024-08-24T21:09:03.252733-06:00
-custom:
-  Author: dbeatty10
-  Issue: "10603"
diff --git a/.changes/unreleased/Under the Hood-20240809-130234.yaml b/.changes/unreleased/Under the Hood-20240809-130234.yaml
deleted file mode 100644
index 964dd2fedf2..00000000000
--- a/.changes/unreleased/Under the Hood-20240809-130234.yaml	
+++ /dev/null
@@ -1,6 +0,0 @@
-kind: Under the Hood
-body: Improve speed of tree traversal when finding children, increasing build speed for some selectors
-time: 2024-08-09T13:02:34.759905-07:00
-custom:
-    Author: ttusing
-    Issue: "10434"
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5a956077ae4..a5aade1249d 100755
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,13 +5,25 @@
 - "Breaking changes" listed under a version may require action from end users or external maintainers when upgrading to that version.
 - Do not edit this file directly. This file is auto-generated using [changie](https://github.com/miniscruff/changie). For details on how to document a change, see [the contributing guide](https://github.com/dbt-labs/dbt-core/blob/main/CONTRIBUTING.md#adding-changelog-entry)
 
-## dbt-core 1.8.5 - August 07, 2024
+## dbt-core 1.8.6 - August 29, 2024
 
 ### Fixes
 
-- respect --quiet and --warn-error-options for flag deprecations ([#10105](https://github.com/dbt-labs/dbt-core/issues/10105))
+- Late render pre- and post-hooks configs in properties / schema YAML files ([#10603](https://github.com/dbt-labs/dbt-core/issues/10603))
+
+### Under the Hood
+
+- Improve speed of tree traversal when finding children, increasing build speed for some selectors ([#10434](https://github.com/dbt-labs/dbt-core/issues/10434))
+
+### Contributors
+- [@ttusing](https://github.com/ttusing) ([#10434](https://github.com/dbt-labs/dbt-core/issues/10434))
+
+
+## dbt-core 1.8.5 - August 07, 2024
 
+### Fixes
 
+- respect --quiet and --warn-error-options for flag deprecations ([#10105](https://github.com/dbt-labs/dbt-core/issues/10105))
 
 ## dbt-core 1.8.4 - July 18, 2024
 
diff --git a/core/dbt/version.py b/core/dbt/version.py
index a3f46b5a7e3..4d2b3781baf 100644
--- a/core/dbt/version.py
+++ b/core/dbt/version.py
@@ -229,5 +229,5 @@ def _get_adapter_plugin_names() -> Iterator[str]:
             yield plugin_name
 
 
-__version__ = "1.8.5"
+__version__ = "1.8.6"
 installed = get_installed_version()
diff --git a/core/setup.py b/core/setup.py
index 91ab683a0c7..5bac5ac9489 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -25,7 +25,7 @@
 
 
 package_name = "dbt-core"
-package_version = "1.8.5"
+package_version = "1.8.6"
 description = """With dbt, data analysts and engineers can build analytics \
 the way engineers build applications."""