how big of an issue is this leak? pic attached

I recently got this Nissan 6hp 4 stroke motor and it runs great. The only issue is this leak that comes from the bottom of the steering friction control after use. It looks like lower unit oil mixed with water, but I checked the lower unit oil and it's is fine, and its also clean inside the lower unit around the water pump housing (based on inspection through the shift rod access in lower unit).
I am hoping this is just the grease leaking out of the steering friction adjustment housing, and maybe there is a cheap o-ring I need to replace, but just wondering if anyone can shed some light on this for me.

Thanks in advance....

Looks like too much grease in the swivel.

A bit of excess grease coming out of the bushings isn't anything to worry about.

awesome. thank you both.