Voltage regulator overcharging

Ok so traded some wires and found the voltage drop point. Where all the blue wires splice together is 12.5. Go over to where this blue wire is in a connector that leads to the choke and voltage regulator and I’m getting 12.5 with the connector unplugged. Now with it plugged in I’m only getting the 10.8ish volts on the other side of connector. Here’s a pic of locations.

3A2727F4-9B63-41F3-A342-0A9493FB98CB.jpeg

AA94BCDF-704E-4ACC-BF06-10DF52028DCD.jpeg