diff --git a/sdk/identity/Azure.Identity.Broker/CHANGELOG.md b/sdk/identity/Azure.Identity.Broker/CHANGELOG.md
index feb137b4cc02..8bca7bd312c1 100644
--- a/sdk/identity/Azure.Identity.Broker/CHANGELOG.md
+++ b/sdk/identity/Azure.Identity.Broker/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+## 1.3.0-beta.1 (Unreleased)
+
+### Features Added
+
+### Breaking Changes
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 1.2.0 (2024-11-18)
 
 ### Other Changes
diff --git a/sdk/identity/Azure.Identity.Broker/src/Azure.Identity.Broker.csproj b/sdk/identity/Azure.Identity.Broker/src/Azure.Identity.Broker.csproj
index 462d72e7f3d1..e39dd975472e 100644
--- a/sdk/identity/Azure.Identity.Broker/src/Azure.Identity.Broker.csproj
+++ b/sdk/identity/Azure.Identity.Broker/src/Azure.Identity.Broker.csproj
@@ -2,9 +2,9 @@
   <PropertyGroup>
     <Description>This is the implementation of the Azure SDK Client Library for Azure Identity</Description>
     <AssemblyTitle>Microsoft Azure.Identity.Broker Component</AssemblyTitle>
-    <Version>1.2.0</Version>
+    <Version>1.3.0-beta.1</Version>
     <!--The ApiCompatVersion is managed automatically and should not generally be modified manually.-->
-    <ApiCompatVersion>1.1.0</ApiCompatVersion>
+    <ApiCompatVersion>1.2.0</ApiCompatVersion>
     <PackageTags>Microsoft Azure Identity Broker;$(PackageCommonTags)</PackageTags>
     <TargetFrameworks Condition="$([MSBuild]::IsOsPlatform('Windows'))">$(RequiredTargetFrameworks);net462;net6.0</TargetFrameworks>
     <TargetFrameworks Condition="$([MSBuild]::IsOsPlatform('OSX'))">$(RequiredTargetFrameworks);net6.0</TargetFrameworks>