If you are exercising regularly, you will be losing fat and gaining muscle
is packed more densely than fat, so a pound of muscle
takes up less space than a pound of fat, therefore, you may not be losing pounds, but could be losing inches. Have you done any measurements to check inches lost?
You should keep a food diary and record everything you eat. Often we eat a lot more than we think we do. I hadn't been keeping a food diary, but I do now and it can be a real eye-opener.