ALTERNATOR OUTPUT

So that might answer how the OP could be getting 26 volts at the alternator.

If the output from the alternator was not actually connected to the battery (through any of the typical ways)


And the voltage regulator was seeing low battery voltage because the battery is not being charged.

Maybe it could get to the magic 26v?



Just a thought!
Exactly, and on a side story, is why I am SO against the old 2 diode battery isolators. Two diodes, 1 leg of each of two went to the batteries, and the center common went to the alternator. The main battery normally sees hardest use and recharge, so that diode tends to fail. With that diode open, the VR is reading the dying main battery and ramping up the alternator, which is still connected to the aux battery, boiling and charging it to death. That is how you blow up boats