Is a HELOC considered Capital Invested?

[Sequoia Pedersen]

When you run your numbers for calculating CoC ROI, do you consider money used from the HELOC as cash invested if you drew from a HELOC for a down payment? i.e. If I purchase a 500K house, and I draw 100K from a HELOC and do 25K Cash for a conventional 25% down payment, when I run the numbers do I run it as 125K cash invested, or 25K Cash invested? In my mind I would run it as 125K, but want to make sure I'm doing it correctly.