NCF vs. NCF after PSR


I am trying to figure out exactly how much I have spent (on everything, acquisitions, capex, cash flow, etc) and compare it to the total equity in the portfolio.

Basically I want to answer this: I have spent $X to get $Y in equity = Net $.

Do I use Net Cash Flow which is ($313,154) or Net Cash Flow after PSR which is $22,475. Equity is $477,172. NCF after PSR includes all of the refinance activity, acquisition, and loan proceeds, which in my mind is important because on some properties we were able to pull all or more of our initial purchase out.

To answer my question above, would I say:
($313,154) + $477,172 = $164,018 net
$22,475 + $477,172 = $499,647 net

I hope this makes sense, my concern is the NCF after PSR has some of the equity built in so I am essentially double dipping.

Thanks in advance!