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Jesus continues telling his story.
the master ... commended
The debtors whose debts the manager had lowered would probably have thought that the master had ordered the manager to lower them, so they would have praised the master for being generous.
commended
"praised" or "spoke well of" or "approved of"
he had acted shrewdly
"he had acted cleverly" or "he had done a sensible thing"
the sons of this world
This refers to those like the unrighteous manager who do not know or care about God. It could also be translated as "the people of this world" or "worldly people."
the sons of the light
This refers to righteous people who have nothing to hide. It can also be translated as "the people of the light" or "the people who live in the light.
And I say to you
"I" refers to Jesus. Jesus has finished telling his story. The phrase "I say to you" marks his change to telling the people how to apply it to their lives.
worldly wealth
This refers to physical wealth. It includes clothing, food, money, precious items.
eternal dwellings
This refers to heaven, where God lives.