Hello zachglatt,
It is hard to say without access to the load test result what could be causing the lower than expected amount of iterations.
The math you did should be more or less accurate, maybe not exactly the number but it should be something around that. To identify the possible issue with an unexpected, lower amount of steps, please create the support request providing us with the URL to the load test, so we can investigate the possible issues. Based on the load test I will be also able to confirm with our team the possible issues in the number of iterations executed.
https://support.smartbear.com/loadninja/message/
Greetings,
Tom
