This paper concerns the structure of learned representations in text-guided generative models, focusing on score-based models. A key property of such models is that they can compose disparate concepts in a 'disentangled' manner. This suggests these models have internal representations that encode concepts in a 'disentangled' manner. Here, we focus on the idea that concepts are encoded as subspaces of some representation space. We formalize what this means, show there's a natural choice for the representation, and develop a simple method for identifying the part of the representation corresponding to a given concept. In particular, this allows us to manipulate the concepts expressed by the model through algebraic manipulation of the representation. We demonstrate the idea with examples using Stable Diffusion.