Former President Barack Obama and his wife, former First Lady Michelle Obama, on Nov. 6 congratulated President-elect Donald Trump on his victory over Vice President Kamala Harris.

In Wednesday’s statement, the former president and first lady said that Trump’s win “is obviously not the outcome we had hoped for, given our profound disagreements with the Republican ticket on a whole host of issues.”

“But,” they added, “living in a democracy is about recognizing that our point of view won’t always win out, and being willing to accept the peaceful transfer of power.”

Barack Obama was president from 2009 to 2017 when Trump took office. President Joe Biden, who was vice president during the Obama administration, started his term in 2021 and is slated to leave in 2025, when Trump will be sworn in again.

The Obamas said they are proud of Harris and her running mate, Minnesota Gov. Tim Walz, as well as staff members and volunteers who worked to elect their candidates.

“America has been through a lot over the last few years—from a historic pandemic and price hikes resulting from the pandemic, to rapid change and the feeling a lot of folks have that, no matter how hard they work, treading water is the best they can do. Those conditions have created headwinds for democratic incumbents around the world, and last night showed that America is not immune,” they said. “The good news is that these problems are solvable—but only if we listen to each other, and only if we abide by the core constitutional principles and democratic norms that made this country great.”

Neither former President Bill Clinton nor former President Jimmy Carter have issued statements on the election results. All of the living former presidents besides Trump and Bush are Democrats.