Yes, that appears to be a seal failure. You will need the thixotropic grease also. These are warrantied from failure for 5 years by UFP, and can be extended up to ten years. We dont see a problem often and usually braid or mono will wrap the seal from the boat ramp causing an issue. It burns off when everything cuts loose and you seldom know unless a piece is still wrapped there. In this case nothing shows. Nice pictures too by the way.
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