Hanuman is the first Avatara of Mukhyaprana/Vayu. He was born in Treta Yuga and was a great devotee of lord Rama. And helped lord ramatill how much he could. There are 7 stanzas praising lord Hanuman in this section.
Bhima was the strongest of all in Dvapara Yuga. He was one of the pandavas. He killed many bad demons. There are 11 stanzas praising Bhima in this section.
Lord Vayu took his third avatara as Madhvacharya in Kali Yuga. He is the main and the greatestGuru of the madhwas. There are 7 stanzas praising Madhvacharya in this section.
Phalastuti
This section tells us the virtues of reciting Madhva Nama. THe Phalastuti is written by the great poet Jagannatha dasa. there are 3 stanzas in this section