There’s a funny quirk of British corporate law that is extremely convenient for financial lookiloos like myself. Unlike privately held American companies, British private companies are generally required to file annual accounts with Companies House, the UK government agency that maintains the country’s corporate registry.
Those filings can reveal an extraordinary amount of information about a business, including its revenue, profits, losses, assets and liabilities. And, most importantly for today’s story… dividends paid to shareholders.
With that knowledge in mind, three years ago I went digging through the British corporate filings of a company called Fenix International. Why was I curious about this innocuous-sounding company? Because Fenix International is the British corporate entity behind a little website called… OnlyFans.
What I found in those filings was pretty incredible. The filings revealed that the company’s reclusive owner, Leonid Radvinsky, had paid himself a $338 million dividend in a single year. The year before that, he had paid himself $284 million. Here’s a screenshot of the actual filing:
At the end of that August 2023 article, I asked a simple question: “Where would you live if you were making $300 million a year?” It turns out I was thinking way too small. OnlyFans continued growing, its profits continued exploding, and Leonid continued extracting absolutely staggering amounts of cash from the company.
Unfortunately, Leonid died from cancer in March 2026 at just 43 years old. Now, a newly completed Fenix International annual report reveals just how much money OnlyFans distributed during the final reporting period of his life.
Take the company’s accounts for the year ending November 30, 2024. The filing shows that Fenix paid a $497 million dividend during that fiscal year.
But that wasn’t the end of the payouts. On the final page of that same corporate filing, Fenix disclosed five additional dividend payments made after November 30:
- December 30, 2024: $20 million
- January 31, 2025: $40 million
- February 28, 2025: $50 million
- March 27, 2025: $47 million
- April 30, 2025: $47 million
Those five payments added up to another $204 million. Combined with the $497 million paid during the fiscal year, that particular report revealed:
$701 million
And then OnlyFans basically did it again.
Fenix recently completed its financial report for the year ending November 30, 2025. According to the new accounts, Leonid received $535 million in dividends during that fiscal year, followed by an additional $174 million in subsequent distributions through March 2026.
Combined, those figures equal:
$709 million
From $284 Million To $709 Million
The progression is pretty extraordinary. Here are the dividends Leonid paid himself between 2021 and 2025:
- Fiscal 2021: $284 million
- Fiscal 2022: $338 million
- Fiscal 2023: $472 million
- Fiscal 2024: $497 million
- Fiscal 2025: $535 million
- Additional distributions through March 2026: $174 million
Add those figures together and you get:
$2.3 BILLION
The OnlyFans Money Machine
The reason OnlyFans could support those payouts is simple: the underlying business is ridiculously profitable. In the fiscal year ending November 30, 2025, OnlyFans generated:
- $1.55 billion in revenue
- $715 million in pre-tax profit
Revenue increased roughly 10% from the previous year. OnlyFans had around 5 million creator accounts, half of which were active, along with roughly 437 million registered fan accounts, including around 132 million active accounts.
The business model is incredibly straightforward. Fans pay creators, creators keep 80%, and OnlyFans keeps 20%. Multiply that 20% cut by billions and billions of dollars in fan spending and you wind up with one of the most profitable internet businesses imaginable.
And Leonid Didn’t Even Start OnlyFans
Here’s another amazing part of the story: Leonid Radvinsky did not found OnlyFans. British entrepreneur Tim Stokely launched the platform in 2016 with help from his father, Guy Stokely, and Leonid acquired the business in 2018.
The exact acquisition price has never been officially disclosed, but it has been widely reported at around $30 million. If that figure is even remotely accurate, this has to rank among the great internet acquisitions of the modern era.
Leonid potentially spent around $30 million to buy OnlyFans. We now have evidence of $2.3 billion in subsequent dividend distributions across the periods detailed above. That’s more than 75 times the rumored acquisition price in cash distributions alone, and after taking out all of that money, he still owned the company.
What Was OnlyFans Itself Worth?
For years there were rumors that OnlyFans could sell for somewhere in the neighborhood of $7 billion to $8 billion. At one point, Scooter Braun was circling the company with an offer that was in that range. Those deals never happened, but after Leonid’s death, San Francisco investment firm Architect Capital acquired roughly 16% of OnlyFans for $535 million. That transaction valued the entire company at $3.15 billion.
So think about this for a moment. Across the fiscal periods detailed above, Leonid extracted roughly $2.3 billion in cash dividends from a company that was subsequently valued in an actual outside investment at around $3.15 billion. That’s an extraordinary amount of money to have already pulled out of a business while still retaining an enormously valuable ownership stake.
The Extremely Private Man Behind OnlyFans
Throughout all of this, Leonid remained almost completely unknown to the public. Before OnlyFans, he had already become wealthy through adult internet businesses, most notably MyFreeCams, but unlike many modern tech billionaires, he rarely gave interviews, made public appearances, or cultivated a personal brand. Hundreds of millions of people knew OnlyFans, but almost none would have recognized its owner. Leonid died following a battle with cancer in March 2026 at just 43 years old, after which his widow, Yekaterina “Katie” Chudnovsky, assumed control of the family’s interest in Fenix International.
