Leonid Radvinsky, the Ukrainian-American entrepreneur who bought OnlyFans in 2018, died of cancer in March 2026. Less than a week later, Fenix International, the London company that operates the platform, declared another dividend of $45 million. Fenix then recorded both events on the same page of its annual accounts.
OnlyFans takes 20% of every fan payment and sends the rest to creators. That share makes up Fenix's revenue and, according to the accounts, the company has so far kept it unchanged. In the financial year to November 2025, Fenix paid its owner $535 million in dividends, more than it earned after tax. Profit after tax was $521 million, and profit before tax was higher.
Jamie Young of the British site Business Matters attributes Fenix's high revenue per employee almost entirely to the company's business model. In that model, creators bear the cost of producing content and, to a large extent, outside contractors bear the cost of policing it. OnlyFans does not commission content, pay advances, sign exclusive contracts or buy rights. Fenix takes a share of payments for content whose production it does not pay for.
Money reaches creators through payment services
In its annual accounts, the company lists payment infrastructure among its risks. As a global operator, it depends on financial partners that move money from fans to creators. Any outage could significantly hit the company. Creator payouts and dividends hang on the same route for the money.
Fan money flows into OnlyFans mostly from the United States, then from Britain and from continental Europe. In Czechia, the subscription platform Forendors, for example, sends fan money to creators; according to its price list, its commission includes the payment gateway, hosting, invoicing and legal services. On one-off payments both platforms take the same rate, while on subscriptions Forendors takes less.
Radvinsky found no buyer, and the dividends continued
The sale of a majority stake that Radvinsky had been pursuing in recent months had not gone through by the time of his death. OnlyFans is best known for its adult content, although other content appears on it too. Payment networks, banks, app stores, advertisers and index funds treat adult platforms as high-risk, writes Flavia Moura of Business Model Analyst in her analysis of the accounts. Few buyers therefore pursue the company, she argues, and the one who wins sets the price.
For a company almost nobody is allowed to buy, the dividend was, according to Moura, a way to get money out of it: “For an asset almost nobody is allowed to buy, the dividend was the exit.” The dividends were paid in parallel with a sale that has so far not brought a full exit from the company.
A buyer turned up only in May 2026, and only for a minority stake. The San Francisco investment firm Architect Capital agreed with Fenix to buy that stake. Under the deal, Architect does not take control. The investor is to help OnlyFans expand financial services for creators, whom traditional financial institutions often do not serve.
The same page of the accounts states that after Radvinsky's death, K. Chudnovsky took control of the company as sole trustee of the LR Fenix Trust. This is Radvinsky's widow, Yekaterina Chudnovsky. Directly below, the company lists the dividends declared after the end of the financial year, each with a date and an amount. The March one is the fourth in the list since January 2026.
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