Two way conversion cap hit

[winforlose]

So I understand the theory behind two ways. Money that is not considered cap money is paid at half the minimum rate to a player. My question is when you convert a player at the deadline or later how much of the minimum is applied to the teams cap. For example the Wolves convert Luka Garza 13 days after the trade deadline (deadline is Feb 8, 2024) So 13 days later is Feb 21. What would the cap hit be of converting Garza on Feb 21?

[Klomp]

So I understand the theory behind two ways. Money that is not considered cap money is paid at half the minimum rate to a player. My question is when you convert a player at the deadline or later how much of the minimum is applied to the teams cap. For example the Wolves convert Luka Garza 13 days after the trade deadline (deadline is Feb 8, 2024) So 13 days later is Feb 21. What would the cap hit be of converting Garza on Feb 21?

Once converted, the contract becomes a standard NBA contract that is in effect for the remainder of the term of the Two-Way contract. The player’s salary becomes the NBA minimum salary based on his years of service (pro-rated based on when the contract is converted).

https://www.cbafaq.com/salarycap.htm#Q83

I believe there are 174 days in the 2023-24 NBA calendar. Feb. 21 is day 121, so the prorated salary would be 53/174ths of Garza's minimum salary, which comes out to roughly $615,000.

(Someone please correct me if I am wrong)