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

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-03-15</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001307523</rptOwnerCik>
            <rptOwnerName>VARELA AMELIA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <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>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock par value $0.0001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2026-03-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7969</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>220642</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock par value $0.0001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2026-03-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1010</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>31.37</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>219632</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Reflects restricted stock grant made by Steven Madden, Ltd. (the &quot;Company&quot;) to the reporting person on March 15, 2026 under the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the &quot;Plan&quot;), which stock will vest and cease to be restricted in substantially equal installments on March 15, 2027, March 15, 2028, March 15, 2029, March 15, 2030 and March 15, 2031, and until fully vested will be subject to forfeiture pursuant to the terms of the Plan.</footnote>
        <footnote id="F2">Represents shares withheld to satisfy the reporting person's tax obligations in connection with the vesting of 1,977 shares of restricted common stock of Steven Madden, Ltd.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mike Lomenzo, Attorney-in-Fact for Amelia Varela</signatureName>
        <signatureDate>2026-03-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
