as i see it you reached 190 current weight of total max. equip load of 190. 190/190 equals 100%, so you are carrying the absolute maximum your character can carry, and therefore are encumbered.
i do not really see any hidden values here. maybe i am missing something?
These are the pieces I’m using, as you can see, heavily rolled and some exalted. Total weight of them should be 190.0, but having exact equip load for that puts me over 190.0 for whatever reason - I tried to thinker with different weapons, as the claws weigh 20, but even with a rapier and bow (10 each) still coming as encumbered, so it might be one of the armor pieces.