Hi, are you using Carbomer? The reason I ask is because the foamy look you described. I also experienced once when making an o/w emulsion. The cause of the foamy look was an old sample of Carbomer I was using. It wouldn’t hydrate properly and my creams looked super foamy and full of air. I got a fresh sample and it never happened again.
In terms of the method, have you tried using a whisk instead of the blender? I make 100g samples to start with and only ever use medium size whisks for those. Or another idea is to check the thickener your using is fully hydrating. Only recently when using a Guar derivative, this particular one needed citric acid to fully hydrate it. Might be the same type of processing problem happening with yours?
Hope you find the problem and am curious to know what it is Good luck!