The banking sector's balance sheet crisis just hit a grim milestone.

US banks are sitting on $337.1 billion in unrealized losses from investment securities as of Q3 2025. That's not a typo—it's the 14th straight quarter of red ink, matching the brutal 2006-2009 stretch during the financial meltdown.

Here's the kicker: current losses are roughly 6x worse than comparable periods. These aren't just numbers on a spreadsheet—they're latent time bombs tied to bond portfolios that tanked when rates spiked. Every quarter this drags on, the fragility compounds.

For anyone watching macro risk, this screams systemic stress. When traditional finance cracks, capital tends to hunt for exits.