<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-06-09</periodOfReport>

    <issuer>
        <issuerCik>0000913241</issuerCik>
        <issuerName>STEVEN MADDEN, LTD.</issuerName>
        <issuerTradingSymbol>SHOO</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002126080</rptOwnerCik>
            <rptOwnerName>Ciglar Christina</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O STEVEN MADDEN, LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>52-16 BARNETT AVENUE</rptOwnerStreet2>
            <rptOwnerCity>LONG ISLAND CITY</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Chief Product Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock par value $0.0001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2026-06-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5147</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>44.7399</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.55 to $45.01, inclusive. The reporting person undertakes to provide to Steven Madden, Ltd. (the &quot;Company&quot;), any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mike Lomenzo, Attorney-in-Fact for Christina Ciglar</signatureName>
        <signatureDate>2026-06-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
