The harddrive space is divided into clusters, which is basically the smallest unit of space the filesystem can keep track of. Cluster sizes include 4k, 8k 16k and others. So if you formatted your drive to use 4k clusters and had a 4kbyte file, it would take up one cluster. If you had a 1 byte file it would still take up 1 cluster because it's the smallest unit the filesystem can address.
So, in your case, the files are actually 266MB but since there're a lot of small files, you waste a lot of space because the cluster size is large which means it takes 485MB actual disk space.