<p>Small-signal modeling has been widely used for stability analysis of islanded microgrids, typically assuming balanced operating conditions. This study develops a comprehensive linearized small-signal model of a microgrid operating under unbalanced load conditions while considering a symmetrical network. The proposed model of an islanded microgrid includes both positive- and negative-sequence components of the distributed generators (DGs), network, and loads. Each DG module is modeled to include source dynamics, positive- and negative-sequence controllers, a power controlling unit integrated with virtual impedance, and a filter with coupling inductance. The complete microgrid model is obtained by integrating the DG models with the network and unbalanced load in a common reference frame. Eigenvalue and participation factor analysis are carried out to investigate the critical modes associated with the state variables, facilitating the selection of appropriate controller parameters for voltage unbalance compensation. Finally, the dynamic performance of a multi-VSG-based microgrid is validated through MATLAB Simulations, demonstrating stability and voltage regulation under unbalanced operating conditions.</p>