diff --git a/replica-releases/62e841d27ea12451f504e74c54843b7cbf93ca4d.md b/replica-releases/62e841d27ea12451f504e74c54843b7cbf93ca4d.md
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+Release Notes for [release-2026-05-07_04-27-base](https://github.com/dfinity/ic/tree/release-2026-05-07_04-27-base) (`62e841d27ea12451f504e74c54843b7cbf93ca4d`)
+This release is based on changes since [release-2026-04-30_04-26-base](https://dashboard.internetcomputer.org/release/f31310fe9d4237e1352477ae9a9b009bbe78c968) (`f31310fe9d4237e1352477ae9a9b009bbe78c968`).
+
+Please note that some commits may be excluded from this release if they're not relevant, or not modifying the GuestOS image.
+Additionally, descriptions of some changes might have been slightly modified to fit the release notes format.
+
+To see a full list of commits added since last release, compare the revisions on [GitHub](https://github.com/dfinity/ic/compare/release-2026-04-30_04-26-base...release-2026-05-07_04-27-base).
+## Features:
+* [`259d224bf`](https://github.com/dfinity/ic/commit/259d224bf) Consensus(DSM): Enable memory tracker charging ([#9565](https://github.com/dfinity/ic/pull/9565))
+* [`616f9335a`](https://github.com/dfinity/ic/commit/616f9335a) Consensus: Add a function to update the number of ongoing remote DKG attempts ([#10062](https://github.com/dfinity/ic/pull/10062))
+* [`c7c500541`](https://github.com/dfinity/ic/commit/c7c500541) Node: Forward Upgrade GuestVM journald logs to serial output ([#10073](https://github.com/dfinity/ic/pull/10073))
+* [`b2f291dd9`](https://github.com/dfinity/ic/commit/b2f291dd9) Node: Move LUKS header to a detached file ([#10058](https://github.com/dfinity/ic/pull/10058))
+* [`535ee1251`](https://github.com/dfinity/ic/commit/535ee1251) Node: Switch GuestOS TEE detection to dfinity.tee kernel cmdline ([#10047](https://github.com/dfinity/ic/pull/10047))
+* [`c641ab42a`](https://github.com/dfinity/ic/commit/c641ab42a) Node: ic-boundary: support new call types ([#10053](https://github.com/dfinity/ic/pull/10053))
+* [`dc3040c3f`](https://github.com/dfinity/ic/commit/dc3040c3f) DSM: No execution overhead on low cycles ([#10096](https://github.com/dfinity/ic/pull/10096))
+* [`092ab716f`](https://github.com/dfinity/ic/commit/092ab716f) DSM: Add canister_metrics management canister endpoint ([#10088](https://github.com/dfinity/ic/pull/10088))
+* [`0bf1d54b4`](https://github.com/dfinity/ic/commit/0bf1d54b4) DSM: Add counter metrics for consumed cycles ([#9922](https://github.com/dfinity/ic/pull/9922))
+* [`f6458105c`](https://github.com/dfinity/ic/commit/f6458105c) DSM: Improve scheduler fairness ([#9985](https://github.com/dfinity/ic/pull/9985))
+## Bugfixes:
+* [`c7dac00f3`](https://github.com/dfinity/ic/commit/c7dac00f3) Consensus,DSM: Disallow PUT/DELETE for flexible outcalls unless `min_responses` = `max_responses` = `total_requests` ([#10070](https://github.com/dfinity/ic/pull/10070))
+* [`122c6ceb8`](https://github.com/dfinity/ic/commit/122c6ceb8) DSM: Revert "fix: instructions for Operator::ReturnCallIndirect" ([#10095](https://github.com/dfinity/ic/pull/10095))
+* [`c0d49f2fb`](https://github.com/dfinity/ic/commit/c0d49f2fb) DSM: instructions for Operator::ReturnCallIndirect ([#10086](https://github.com/dfinity/ic/pull/10086))
+## Chores:
+* [`6acd850d1`](https://github.com/dfinity/ic/commit/6acd850d1) Consensus: Remove `signature_agreements` from `IDkgPayload` and begin `Hash` migration ([#9829](https://github.com/dfinity/ic/pull/9829))
+* [`3be006049`](https://github.com/dfinity/ic/commit/3be006049) Consensus: require a unique subnet ID in /canister_ranges paths via read state ([#10067](https://github.com/dfinity/ic/pull/10067))
+* [`c47317bdf`](https://github.com/dfinity/ic/commit/c47317bdf) Consensus,Interface: remove exec bits to Rust source files ([#10020](https://github.com/dfinity/ic/pull/10020))
+* [`a9226dc4b`](https://github.com/dfinity/ic/commit/a9226dc4b) Node: Update Base Image Refs [2026-05-06-0149] ([#10098](https://github.com/dfinity/ic/pull/10098))
+* [`a3bec6b1d`](https://github.com/dfinity/ic/commit/a3bec6b1d) Node: Update Base Image Refs [2026-04-30-0845] ([#10066](https://github.com/dfinity/ic/pull/10066))
+* [`82f724d1d`](https://github.com/dfinity/ic/commit/82f724d1d) DSM: Rename `low_cycle_balance_canisters` ([#10104](https://github.com/dfinity/ic/pull/10104))
+* [`0c1d1e9e7`](https://github.com/dfinity/ic/commit/0c1d1e9e7) DSM: Upgrade wasm tools to V248 ([#10091](https://github.com/dfinity/ic/pull/10091))
+* [`943f72bef`](https://github.com/dfinity/ic/commit/943f72bef) DSM: Drop canister priority from canister state ([#10064](https://github.com/dfinity/ic/pull/10064))
+* [`c53c95358`](https://github.com/dfinity/ic/commit/c53c95358) DSM: Get rid of `CanisterLog::delta_log_sizes` ([#8884](https://github.com/dfinity/ic/pull/8884))
+* [`63f33dc74`](https://github.com/dfinity/ic/commit/63f33dc74) DSM: account for CREATE_EXECUTION_STATE_BASE_COST ([#10065](https://github.com/dfinity/ic/pull/10065))
+## Refactoring:
+* [`dc35b78b1`](https://github.com/dfinity/ic/commit/dc35b78b1) DSM: Debug-only `SubnetSchedule::fully_executed_canisters` field ([#10089](https://github.com/dfinity/ic/pull/10089))
+* [`b5ec1c24e`](https://github.com/dfinity/ic/commit/b5ec1c24e) DSM: merge validate_canister_settings + do_update_settings ([#10085](https://github.com/dfinity/ic/pull/10085))
+* [`a60cc1959`](https://github.com/dfinity/ic/commit/a60cc1959) DSM: thread log_memory_store_feature flag through config ([#10084](https://github.com/dfinity/ic/pull/10084))
+* [`7849b7b84`](https://github.com/dfinity/ic/commit/7849b7b84) DSM: canister ID generation ([#10046](https://github.com/dfinity/ic/pull/10046))
+## Tests:
+
+## Excluded Changes
+
+### Changed files are excluded by file path filter
+* [`2f5d582b2`](https://github.com/dfinity/ic/commit/2f5d582b2) Consensus: Allow specifying initial DKG subnet for subnet splitting and rental ([#10027](https://github.com/dfinity/ic/pull/10027))
+* [`5dd9919db`](https://github.com/dfinity/ic/commit/5dd9919db) DSM: Ignore executed_rounds when computing total AP ([#10092](https://github.com/dfinity/ic/pull/10092))
+* [`3181aeb2d`](https://github.com/dfinity/ic/commit/3181aeb2d) DSM: log_memory_limit cannot be set together with memory allocation ([#10103](https://github.com/dfinity/ic/pull/10103))
+
+### Not modifying GuestOS
+* [`62e841d27`](https://github.com/dfinity/ic/commit/62e841d27) Consensus: Stop using blessed versions list for invariants in the registry ([#9772](https://github.com/dfinity/ic/pull/9772))
+* [`ce5f73fa7`](https://github.com/dfinity/ic/commit/ce5f73fa7) Defi(ckbtc-minter): support consent messages ([#10093](https://github.com/dfinity/ic/pull/10093))
+* [`8df8ffcab`](https://github.com/dfinity/ic/commit/8df8ffcab) IDX: Allow base image builds from branches ([#10068](https://github.com/dfinity/ic/pull/10068))
+* [`d35bc3c58`](https://github.com/dfinity/ic/commit/d35bc3c58) Consensus: deflake //rs/tests/consensus:replica_determinism_test by allowing panics in "MR Batch Processor" thread ([#10069](https://github.com/dfinity/ic/pull/10069))
+* [`72c7f3be1`](https://github.com/dfinity/ic/commit/72c7f3be1) IDX(systest): broader allowed panic sources in system tests ([#10102](https://github.com/dfinity/ic/pull/10102))
+* [`fbdf88b88`](https://github.com/dfinity/ic/commit/fbdf88b88) Owners: add ic-xrc-types to workspace dependencies ([#9443](https://github.com/dfinity/ic/pull/9443))
+* [`301678ff8`](https://github.com/dfinity/ic/commit/301678ff8) Owners: Update Mainnet ICOS revisions file ([#10087](https://github.com/dfinity/ic/pull/10087))
+* [`cdf62f7ba`](https://github.com/dfinity/ic/commit/cdf62f7ba) Owners: Update Mainnet ICOS revisions file ([#10077](https://github.com/dfinity/ic/pull/10077))
+* [`7075b5d20`](https://github.com/dfinity/ic/commit/7075b5d20) Owners: Update Mainnet IC revisions canisters file ([#10078](https://github.com/dfinity/ic/pull/10078))
+* [`f41183a4e`](https://github.com/dfinity/ic/commit/f41183a4e) Owners: Update Mainnet ICOS revisions file ([#10076](https://github.com/dfinity/ic/pull/10076))
+* [`9f0885eb8`](https://github.com/dfinity/ic/commit/9f0885eb8) IDX: Drop Bazel Build All No Cache ([#10090](https://github.com/dfinity/ic/pull/10090))
+* [`4a7b8e159`](https://github.com/dfinity/ic/commit/4a7b8e159) Governance: move decode_registry_value into shared pocket_ic_helpers ([#9334](https://github.com/dfinity/ic/pull/9334))
+* [`239620652`](https://github.com/dfinity/ic/commit/239620652) Consensus(upgrade): more exhaustive upgrade system tests ([#10063](https://github.com/dfinity/ic/pull/10063))
+* [`26db60a6c`](https://github.com/dfinity/ic/commit/26db60a6c) Defi(cketh): Add retry mechanism to `assert_has_unique_events_in_order` ([#10099](https://github.com/dfinity/ic/pull/10099))
+* [`936346afd`](https://github.com/dfinity/ic/commit/936346afd) Defi(ckdoge): fix ckdoge test setup ([#10082](https://github.com/dfinity/ic/pull/10082))
+
+### The change is not owned by any replica or HostOS team
+* [`f3e0a4a67`](https://github.com/dfinity/ic/commit/f3e0a4a67) Governance: Extract shared ExchangeRateCanisterClient into ic-nervous-system-clients ([#9846](https://github.com/dfinity/ic/pull/9846))
+* [`88a0df635`](https://github.com/dfinity/ic/commit/88a0df635) Defi(icrc-ledger-types): Switch icrc-ledger-types bazel variants ([#9900](https://github.com/dfinity/ic/pull/9900))
+* [`2ece50a64`](https://github.com/dfinity/ic/commit/2ece50a64) IDX: Upgrade wasmtime to V44 ([#10079](https://github.com/dfinity/ic/pull/10079))