Commerce Secretary Howard Lutnick vowed to divest from his businesses within 90 days if confirmed to President Donald Trump's Cabinet. Monday marks the deadline Lutnick set for himself, and the billionaire is seemingly making good on his pledge.

New York-based Newmark announced Monday that it agreed to pay $127M to repurchase just fewer than 11 million shares from Lutnick, who left his role at the top of the commercial real estate services firm shortly after his confirmation on Feb. 18.

"This transaction presented a unique opportunity to efficiently acquire a substantial number of shares at what we believe was a favorable price," Newmark Chief Financial Officer Michael Rispoli said in a statement.

The transaction is being executed as part of Newmark’s existing buyback program. Executives at the firm say the stock is underpriced, and the repurchase program is authorized to buy another $245M in stock beyond Lutnick’s stake.

Newmark’s stock was unmoved by the news, trading flat early Monday along with the three major indexes.

Newmark is paying Lutnick Friday’s closing price for his shares, and the commerce secretary will be fully divested from the firm once the sale is completed.

The real estate firm saw double-digit growth across all of its business lines in the first quarter, but the tit-for-tat tariff battle tempered optimism on its earnings call.

"Given the macro environment, I think we’re just taking a more cautious approach right now," Rispoli said on the April 30 call.

Lutnick was replaced as the chairman of the operating company Newmark & Co. by longtime executive Barry Gosin, with Newmark Executive Vice President and Chief Legal Officer Stephen Merkel taking Lutnick’s spot as chairman of the board.

Lutnick’s investment firm, Cantor Fitzgerald, also announced Monday that the secretary’s sons would take over operations as it brought in new limited partners.

The former chairman and CEO will use trusts to transfer the business to Brandon Lutnick, who took over as chairman and CEO after Lutnick went to Washington, as well as Kyle Lutnick and his other adult children.

Brandon Lutnick will act as controlling trustee of the trusts, and two new partners are investing in Cantor Fitzgerald behind Howard Lutnick’s exit, although the size of their investment wasn't disclosed. Alternative asset management firm 26North, led by Apollo Global Management co-founder Josh Harris, and Glenn August, the CEO of Oak Hill Advisors, will act as minority investors in the firm.