Start with which counter-ion the process produced, because trifluoroacetate from reverse-phase purification and acetate from a salt exchange behave differently and are quantified differently.
Worked reconciliation: a 10 mg vial at four per cent water and eight per cent trifluoroacetate contains 10.0 × 0.88 = 8.8 mg of peptide, a twelve per cent shortfall against label with a perfectly clean purity figure.
Mechanically, peptides purified by reverse-phase chromatography with a trifluoroacetic acid mobile phase are isolated as trifluoroacetate salts. The trifluoroacetate content depends on the number of basic residues and can run from a few per cent to well over ten by mass on a heavily basic sequence.
Ion chromatography and fluorine NMR are the accepted quantitative methods for trifluoroacetate, and neither is a chromatographic purity method.
The caveat is that a purity figure is completely blind to counter-ion content, and the two are routinely conflated.
Water plus counter-ion is why gross mass and peptide mass differ.