I'd say ND is a bit too loose, and AR might be marginally too loose. Looks great otherwise.

I think you need to worry about the letterform proportions before you worry about the spacing.

hhp

thanks, guys. Yeah, the letterform proportions are a bit wonky. But for now I need to work with what I've got, and just get the spacing of the current forms even.

I'm seeing the "RF" and "IND" a bit tight.

hhp

Initial impressions are that the M & A at the beginning appear smaller than the rest of the letters (is this what hrant is referring to about proportions?)

From what I can see it's difficult to kern because of those proportional issues stemming at the sharp points of M A & A and this is what throws everything slightly off balance. Possibly a little more space between the three verticals at IND.