where is there so much space below this inline image?

I've inserted an image into some text (blacked-out shape). It's got no object wrap, it's set to the same body paragraph style as the rest of the text before and after it.

The highlighted return is the return between the inline image and the paragraph next to it in the next column. You can see the bounding box of the inset image is above the return and the text at the bottom of the page is really far down from the stuff above it. There should be space for the final line of text to within the margins but it doesn't because this return is so low compared to where the image is. 

The image is made of a group of assets. I've checked every single one, both the bouncing box and the link/image placed inside it and none of them have wraps which would be causing this additional space. 

The paragraph style for the sub title under the image does not have any "space before" and the "space after" of the body text is also not as large as the space I have. There are no overrides on the para styles. 

Any ideas?

Thanks