Yeah a hard one to get our heads around in terms of $, MLC appear very legitimate, given it's a US not for profit designated by US Copyright Office.
"The Mechanical Licensing Collective (The MLC) is a nonprofit organization designated by the U.S. Copyright Office pursuant to the historic Music Modernization Act of 2018."
https://www.themlc.com/our-story
Seems like a mid-large scale API or data service to me, dishing out $700mil in 18 months suggests they'd have a fair bit of clout.
Ann: JAXSTA SECURES KEY CONTRACT WITH MLC, page-3
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