At this point I have applied 6 thin coats of Waterlox finish. As you can see the finish puffs around the grain of the mahogany. This is because I did not fill the wood first.
Some woodworkers sand the surface after the 3rd or 4th coat. Since I was applying relatively thin coats and since it is easy to sand through the finish I waited until now to sand.
I wet sand with 400 wet or dry sand paper with an application of the Waterlox. This pretty much levels and fills the finish.
This is how it looks after sanding and rubbing out with 0000 steel wool. Now I will apply another coat of Waterlox.
This is how it looks with half of the top rubbed out with 0000 steel wool.
This is how it looks now. Not completely filled but better. I may sand again or just rub it out with 0000 steel wool and then apply wax. But it will have to sit for awhile.