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.

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

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