Draw a circle and Offset (Shapes Tool) the circle outward 9.64 then Offset the resulting circle 9.64 outward and offset the last circle 9.64 outward.
Group your path (text).
Select the inner circle and Ctrl select the grouped path then select Align Along Vertical Centers.
Now select the text and select Deform Selection then press Shift and click-drag snap the Blue points. - the lower-right point to the inner circle-line right intersection, the second point to the second circle-line right intersection, and so on…
Do the same with the 8 inner points but along the vertical lines until the correct alignment shape-circles.
It took me a minute to figure out why you were dividing the text height by 3. It’s so the guide lines from the warp tool have something to align with, very clever. After messing around with it for several minutes, I got it to look similar. I still think the best method would be to use the text bending tool before converting it to a path.
I might do a video on this method. I can see it’s use. It would be nice if there was a built in tool like apply path to text that would work in a situation like this.
Normaly i use the text bending tool.
But this font is for cutting and the lines from the font are to close . Thats way i make them a path so i can shift parts of the fonts. Compare the black and blue text in my posted image and zoom in . That explains it better why i needed the words horizontal to adjust.