Something must have happened along the lines of:
Your king being separated from most of his provinces by a sea link (especially one that's temporarily been broken)?
Your king dying? (I assume it's not this, as if you keep reloading he probably doesn't die every time, and it's a bit obvious anyway)
Widespread enemy spies?
Small/no garrisons?
I also assume it's not a disloyal general starting a rebellion; I think it would tell you if it was this factor, but it might be worth checking the loyalty of your generals and governors.
Losing battles, and even your king being in a battle (which I've read can reduce loyalty on a temporary basis) could be a factor.
However, by the sounds of it, it is a bug, unless it's a hidden event or something peculiar to the Spanish faction...unfortunate but interesting. I've obviously never encountered it myself, and one of my games currently has a similarly large Turkish empire in around 1335...
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