Update (0810ET):

King Charles has released his first public statement regarding Andrew's arrest. He said:

I have learned with the deepest concern the news about Andrew Mountbatten-Windsor and suspicion of misconduct in public office. What now follows is the full, fair and proper process by which this issue is investigated in the appropriate manner and by the appropriate authorities. In this, as I have said before, they have our full and wholehearted support and co-operation.

Let me state clearly: the law must take its course.

As this process continues, it would not be right for me to comment further on this matter. Meanwhile, my family and I will continue in our duty and service to you all. Charles R.

The official release from Royal Communications:

BBC News has learned that the Prince and Princess of Wales support King Charles's statement regarding the arrest of Andrew.

The optics here are not favorable for the Royal Family.