diff --git a/CHANGELOG.md b/CHANGELOG.md
index b0e7844fdf25..3326cf0798a8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -35,6 +35,14 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 # Changelog
 
+## v0.47.15-ics-lsm
+
+This is a special cosmos-sdk release with support for both ICS and LSM.
+
+### Bugfixes
+
+* (staking) [#20548](https://github.com/cosmos/cosmos-sdk/pull/20548) Remove panic from GetLastValidators. 
+
 ## v0.47.14-ics-lsm
 
 This is a special cosmos-sdk release with support for both ICS and LSM.
diff --git a/x/staking/keeper/validator.go b/x/staking/keeper/validator.go
index d1315ed7793f..7eb19e6833a2 100644
--- a/x/staking/keeper/validator.go
+++ b/x/staking/keeper/validator.go
@@ -323,7 +323,8 @@ func (k Keeper) GetLastValidators(ctx sdk.Context) (validators []types.Validator
 	for ; iterator.Valid(); iterator.Next() {
 		// sanity check
 		if i >= int(maxValidators) {
-			panic("more validators than maxValidators found")
+			k.Logger(ctx).Info("more validators than maxValidators found")
+			break
 		}
 
 		address := types.AddressFromLastValidatorPowerKey(iterator.Key())