It looks like they positioned letters in the second line to line up with letters in the first line. The second line is quantized to the first, in other words.
The overshoot on the C necessitated it being nudged down a tad, to maintain the hairwidth spacing. However, there’s very little overshoot on this display cut. Also, the K is rotated, again to deal with overshoot. Still, these small adjustments don’t jump out, the focus is on spacing, not alignment.
Fair enough, I should have presented my example as something that the original reminded me of, but made with different intentions so not normatively comparable.
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Better execution of a similar idea.