In this picture, 12.6v going into the circuit with no voltage drop from the battery.
Here the regulator is connected. When the short wires connecting it to the strips are not hooked up, the output is 11.6V. As soon as those wires are connected, output from regulator drops to 10.7v.
I would believe that the circuit load could drop the voltage but how come that doesnt happen with the battery alone. Im not very good with circuitry so theres something Im not understanding correctly Im sure.