diff --git a/changelog/v2.16.md b/changelog/v2.16.md
index 0b07aa8..3ed072b 100644
--- a/changelog/v2.16.md
+++ b/changelog/v2.16.md
@@ -5,6 +5,12 @@ All notable changes to this project for v2.16.Z will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+## [2.16.5] - 2024-04-24
+
+### Changed
+
+- CASMHMS-6127: Updated model for Open BMC XD224
+
 ## [2.16.4] - 2024-02-13
 
 ### Changed
diff --git a/charts/v2.16/cray-hms-hmcollector/Chart.yaml b/charts/v2.16/cray-hms-hmcollector/Chart.yaml
index b27ae0e..b47ab5a 100644
--- a/charts/v2.16/cray-hms-hmcollector/Chart.yaml
+++ b/charts/v2.16/cray-hms-hmcollector/Chart.yaml
@@ -1,6 +1,6 @@
 apiVersion: v2
 name: "cray-hms-hmcollector"
-version: 2.16.4
+version: 2.16.5
 description: "Kubernetes resources for cray-hms-hmcollector"
 home: "https://github.com/Cray-HPE/hms-hmcollector-charts"
 sources:
@@ -8,6 +8,6 @@ sources:
 maintainers:
   - name: Hardware Management
     url: https://github.com/orgs/Cray-HPE/teams/hardware-management
-appVersion: "2.30.0"
+appVersion: "2.31.0"
 annotations:
   artifacthub.io/license: "MIT"
diff --git a/charts/v2.16/cray-hms-hmcollector/values.yaml b/charts/v2.16/cray-hms-hmcollector/values.yaml
index 56ab430..2e6a4c5 100644
--- a/charts/v2.16/cray-hms-hmcollector/values.yaml
+++ b/charts/v2.16/cray-hms-hmcollector/values.yaml
@@ -1,6 +1,6 @@
 ---
 global:
-  appVersion: 2.30.0
+  appVersion: 2.31.0
 
 image:
   repository: artifactory.algol60.net/csm-docker/stable/hms-hmcollector
diff --git a/cray-hms-hmcollector.compatibility.yaml b/cray-hms-hmcollector.compatibility.yaml
index 36e047b..6b4fab5 100644
--- a/cray-hms-hmcollector.compatibility.yaml
+++ b/cray-hms-hmcollector.compatibility.yaml
@@ -33,6 +33,7 @@ chartVersionToApplicationVersion:
   "2.16.2": "2.27.0"
   "2.16.3": "2.28.0"
   "2.16.4": "2.30.0"
+  "2.16.5": "2.31.0"
   
 
 # Test results for combinations of Chart, Application, and CSM versions.