Elkhorns are a type of fern, and just like other ferns they reproduce via spores. When an Elkhorn reaches maturity, the spores are produced in huge clumps on the underside of the fronds. These large growths look fairly nasty, and are often mistaken for a disease. Production of these spores requires a lot of energy, which weakens the fronds and usually ends up with the frond dying. Unless you wish to try and propagate with the spore, it is probably better off removing the sporing frond.
Keep an eye out for insect pests such as snails the Staghorn Beetle which is attracted to the Elkhorn spore. Confidor can be used to control Elkhorn Beetle attacks.