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+## Changes by Kind
+
+### Deprecation
+
+- Warning messages added for deprecation of AzureManaged API ([#5699](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5699), [@alimaazamat](https://github.com/alimaazamat))
+
+### Feature
+
+- Add ability to optionally create the Private DNS Zone for unmanaged clusters instead of always creating one. Setting `PrivateDNSZone` within the `NetworkSpec` to `PrivateDNSZoneiCreationModeNone` will skip creating the Private DNS zone. ([#5666](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5666), [@sadasu](https://github.com/sadasu))
+
+### Bug or Regression
+
+- ASOAPI: Fixed a possible bug that could leave ASO resources dangling when they should be deleted. ([#5571](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5571), [@nojnhuh](https://github.com/nojnhuh))
+- Adds the ability to disable CAPZ components through a manager flag. Flags added for disabling ASO Secret Controller and disabling Azure JSON Machine Controller. ([#5552](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5552), [@bryan-cox](https://github.com/bryan-cox))
+- Dont give contributor access to byo identity in aks mgmt cluster creation ([#5802](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5802), [@willie-yao](https://github.com/willie-yao))
+- Fixes disabling NAT gateway for `cluster` role subnets ([#5816](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5816), [@cPu1](https://github.com/cPu1))
+
+### Other (Cleanup or Flake)
+
+- Bump CAPI to v1.10.3 ([#5712](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5712), [@mboersma](https://github.com/mboersma))
+- Bump CAPI to v1.10.4 ([#5761](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5761), [@mboersma](https://github.com/mboersma))
+
+## Dependencies
+
+### Added
+_Nothing has changed._
+
+### Changed
+- cel.dev/expr: v0.22.1 → v0.23.0
+- github.com/Azure/azure-sdk-for-go/sdk/azcore: [v1.18.0 → v1.18.2](https://github.com/Azure/azure-sdk-for-go/compare/sdk/azcore/v1.18.0...sdk/azcore/v1.18.2)
+- github.com/Azure/azure-sdk-for-go/sdk/azidentity: [v1.10.0 → v1.11.0](https://github.com/Azure/azure-sdk-for-go/compare/sdk/azidentity/v1.10.0...sdk/azidentity/v1.11.0)
+- github.com/Azure/azure-sdk-for-go/sdk/internal: [v1.11.1 → v1.11.2](https://github.com/Azure/azure-sdk-for-go/compare/sdk/internal/v1.11.1...sdk/internal/v1.11.2)
+- github.com/Azure/azure-sdk-for-go/sdk/resourcemanager/msi/armmsi: [v1.2.0 → v1.3.0](https://github.com/Azure/azure-sdk-for-go/compare/sdk/resourcemanager/msi/armmsi/v1.2.0...sdk/resourcemanager/msi/armmsi/v1.3.0)
+- github.com/GoogleCloudPlatform/opentelemetry-operations-go/detectors/gcp: [v1.26.0 → v1.27.0](https://github.com/GoogleCloudPlatform/opentelemetry-operations-go/compare/detectors/gcp/v1.26.0...detectors/gcp/v1.27.0)
+- github.com/cloudflare/circl: [v1.3.7 → v1.6.1](https://github.com/cloudflare/circl/compare/v1.3.7...v1.6.1)
+- github.com/cncf/xds/go: [2f00578 → ae57f3c](https://github.com/cncf/xds/compare/2f00578...ae57f3c)
+- github.com/go-jose/go-jose/v4: [v4.0.4 → v4.0.5](https://github.com/go-jose/go-jose/compare/v4.0.4...v4.0.5)
+- github.com/go-viper/mapstructure/v2: [v2.2.1 → v2.3.0](https://github.com/go-viper/mapstructure/compare/v2.2.1...v2.3.0)
+- github.com/golang-jwt/jwt/v5: [v5.2.2 → v5.3.0](https://github.com/golang-jwt/jwt/compare/v5.2.2...v5.3.0)
+- github.com/grpc-ecosystem/grpc-gateway/v2: [v2.26.3 → v2.27.1](https://github.com/grpc-ecosystem/grpc-gateway/compare/v2.26.3...v2.27.1)
+- github.com/hashicorp/go-retryablehttp: [v0.7.7 → v0.7.8](https://github.com/hashicorp/go-retryablehttp/compare/v0.7.7...v0.7.8)
+- github.com/onsi/gomega: [v1.37.0 → v1.38.0](https://github.com/onsi/gomega/compare/v1.37.0...v1.38.0)
+- github.com/prometheus/common: [v0.64.0 → v0.65.0](https://github.com/prometheus/common/compare/v0.64.0...v0.65.0)
+- github.com/spf13/pflag: [v1.0.6 → v1.0.7](https://github.com/spf13/pflag/compare/v1.0.6...v1.0.7)
+- go.opentelemetry.io/contrib/detectors/gcp: v1.34.0 → v1.35.0
+- go.opentelemetry.io/otel/exporters/otlp/otlptrace/otlptracegrpc: v1.36.0 → v1.37.0
+- go.opentelemetry.io/otel/exporters/otlp/otlptrace: v1.36.0 → v1.37.0
+- go.opentelemetry.io/otel/exporters/prometheus: v0.58.0 → v0.59.0
+- go.opentelemetry.io/otel/metric: v1.36.0 → v1.37.0
+- go.opentelemetry.io/otel/sdk/metric: v1.36.0 → v1.37.0
+- go.opentelemetry.io/otel/sdk: v1.36.0 → v1.37.0
+- go.opentelemetry.io/otel/trace: v1.36.0 → v1.37.0
+- go.opentelemetry.io/otel: v1.36.0 → v1.37.0
+- go.opentelemetry.io/proto/otlp: v1.6.0 → v1.7.0
+- golang.org/x/crypto: v0.39.0 → v0.41.0
+- golang.org/x/mod: v0.25.0 → v0.27.0
+- golang.org/x/net: v0.40.0 → v0.42.0
+- golang.org/x/sync: v0.15.0 → v0.16.0
+- golang.org/x/sys: v0.33.0 → v0.35.0
+- golang.org/x/telemetry: bda5523 → 8d8967a
+- golang.org/x/term: v0.32.0 → v0.34.0
+- golang.org/x/text: v0.26.0 → v0.28.0
+- golang.org/x/tools: v0.33.0 → v0.35.0
+- google.golang.org/genproto/googleapis/api: 55703ea → 513f239
+- google.golang.org/genproto/googleapis/rpc: 55703ea → 513f239
+- google.golang.org/grpc: v1.72.1 → v1.73.0
+- sigs.k8s.io/cluster-api/test: v1.10.2 → v1.10.4
+- sigs.k8s.io/cluster-api: v1.10.2 → v1.10.4
+
+### Removed
+- github.com/dgryski/go-rendezvous: [9f7001d](https://github.com/dgryski/go-rendezvous/tree/9f7001d)
+- github.com/redis/go-redis/v9: [v9.8.0](https://github.com/redis/go-redis/tree/v9.8.0)
+
+## Details
+<!-- markdown-link-check-disable-next-line -->
+https://github.com/kubernetes-sigs/cluster-api-provider-azure/compare/v1.20.0...v1.21.0
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