Welcome to OB! I agree you have nice new roots starting, but the lower 2 leaves don't look health at all
When is the last time you repotted and have you checked the roots inside the pot lately? I only ask because one of my orchids started to send out new roots like crazy and I was really happy until the lower leaf started to yellow and when I checked the roots in the pot they were nearly all rotted. I think all the new roots were an effort to save the plant. BTW, it recovered and is fine now