diff --git a/doc/CHANGES.md b/doc/CHANGES.md
index 0951a5cbf..3fee22e68 100644
--- a/doc/CHANGES.md
+++ b/doc/CHANGES.md
@@ -68,6 +68,8 @@ Infrastructure/Misc
 - workflows:binaries-mac-x64: switch to macos-15-intel
 
 
+# 1.50.4 2025-12-04
+
 # 1.50.3 2025-11-18
 
 # 1.50.2 2025-09-26
diff --git a/hledger-lib/CHANGES.md b/hledger-lib/CHANGES.md
index e1f7f52d3..218963792 100644
--- a/hledger-lib/CHANGES.md
+++ b/hledger-lib/CHANGES.md
@@ -64,6 +64,8 @@ Improvements
   - readHandlePortably, readHandlePortably' -> hGetContentsPortably
 
 
+# 1.50.4 2025-12-04
+
 # 1.50.3 2025-11-18
 
 # 1.50.2 2025-09-26
diff --git a/hledger-ui/CHANGES.md b/hledger-ui/CHANGES.md
index 3f58af138..13fd8c520 100644
--- a/hledger-ui/CHANGES.md
+++ b/hledger-ui/CHANGES.md
@@ -72,6 +72,11 @@ Docs
 API
 
 
+# 1.50.4 2025-12-04
+
+- Uses hledger 1.50.4.
+
+
 # 1.50.3 2025-11-18
 
 - `--watch` mode now also detects changes from apps which overwrite the file, such as VS Code.
diff --git a/hledger-web/CHANGES.md b/hledger-web/CHANGES.md
index eaca3b6c2..750147216 100644
--- a/hledger-web/CHANGES.md
+++ b/hledger-web/CHANGES.md
@@ -62,6 +62,11 @@ Docs
 API
 
 
+# 1.50.4 2025-12-04
+
+- Uses hledger 1.50.4.
+
+
 # 1.50.3 2025-11-18
 
 - The old "threaded" build flag, which cabal could turn off, has been dropped.
diff --git a/hledger/CHANGES.md b/hledger/CHANGES.md
index faee6ed09..28cf26b91 100644
--- a/hledger/CHANGES.md
+++ b/hledger/CHANGES.md
@@ -264,6 +264,30 @@ API
    - renamed withJournalDo -> withJournal. The old name is still available but deprecated.
 
 
+# 1.50.4 2025-12-04
+
+Fixes
+
+- An `include` directive with no argument now gives consistent error messages.
+
+- journal format's `include` directive no longer excludes paths containing dotted directories/files.
+  1.50-1.50.3 contained an overzealous workaround that sometimes wrongly excluded paths containing a dot dir or dot file.
+  Now the pre-1.50 behaviour is restored
+  (`*` and `**` generally avoid dot files and dot directories, except `**` will search non-top-level dot directories).
+  [#2498]
+
+- Symbolic links found by `include` directives are once again shown as-is, not dereferenced.
+  (1.50-1.50.3 showed them dereferenced, eg in `hledger files` output.)
+
+  There is some related new behaviour: each time an include directive is parsed,
+  all the parent file paths and the new include file path(s) are re-canonicalised.
+  Previous hledger versions did not do this; it's expected to be unnoticeable,
+  but if you notice any slowdown caused by having many include directives and a slow filesystem,
+  please report it.
+
+[#2498]: https://github.com/simonmichael/hledger/issues/2498
+
+
 # 1.50.3 2025-11-18
 
 Fixes