Does this "might have" mean "although"?

Davos had traded at Eastwatch in his smuggling days. The black brothers made hard enemies but good customers, for a ship with the right cargo. But while he might have taken their coin, he had never forgotten how the Blind Bastard’s head had rolled across the Cobblecat’s deck.

Source: Game of Thrones
Hi, dear teachers. Does this "might have" mean "although"?

If so, can we rewrite it as "He might have taken their coin, but he had never forgotten how the Blind Bastard’s head had rolled across the Cobblecat’s deck."?
Thank you.