February 2, 2016 2:20 AM EST

Donald Trump is not used to losing.

“We finished second. I’m just honored,” Trump said in a three-minute concession speech. It was likely the shortest remarks Trump has given in this campaign and among the most gracious.

Iowa Caucus results 2016

Watch the Republican candidate admit defeat.

Write to Francesca Trianni at francesca.trianni@time.com.

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