How can I remove the spacing/padding around a layout text element?

[acarmody]

I am running ArcGIS Pro 2.6.2.

The text elements in lesson 4, exercise 1 of the Cartography. MOOC are formatted without this space/padding and is what I am trying to achieve.

I have copied and pasted this into my new working layout to determine how it has been configured, however, there appears to be no setting for this. 

When I create a new text element in my new working layout, matching all of the text settings between it and the copy from the Cartography MOOC, the space still appears.

Following the methodology in this video, which uses a rectangle text element, did not work either. The text elements still have space.

Thanks in advance.