Run an experiment, and take a water pill to see if its water retention. Just make sure to hydrate also while on it. If it helps then you have solved a problem that should go away with time. If its actual fat storage then lower your dose or change protocol. If that doesnt help, then you take an AI and you will get to the bottom of it.
The only issue I have with the use of an AI continuously is, the damage it does to endothelial and aromatase function. So run a few experiments before you do take an AI. Plenty of guys have been taking AIs for years with no issue, the problem is that were all different and you dont know if you’re the poor soul that pays the price for it.
Now regarding your diet… Im going to suggest you start weighing your food and breaking it up into at least 6 meals a days for the sole purpose of maintaining energy levels. But you may want to look into metformin if you feel like nothing is helping in the upcoming months. I do hope this is a phase which I have mildly experienced.
I know you’re hitting the cardio but the best way to lose weight is to hit the weights, so throw in some light weight lifting with deadlift and squats as a focus. This should help burn fat and your cardio will benefit from it.