Reusing the early layers of cohort-trained INRs as initialization for new signals has been shown to accelerate and improve signal fitting, yet it remains unclear which layers of the shared encoder learn transferable representations and what those representations encode. We address both questions for two standard backbones, SIREN and Fourier-feature MLPs (FFMLP). First, sweeping the freeze depth across the shared encoder at test time, we find that the optimum coincides with the layer of highest weight stable rank. Moreover, freezing at this depth matches or improves on the standard fine-tuning recipe across all our experiments. Second, identifying which layer transfers does not characterize what that layer encodes. To address this we adopt sparse autoencoders (SAEs), the dominant tool in mechanistic interpretability, and present the first SAE decomposition of INR activations into sparse dictionary atoms. Interestingly, SIREN and FFMLP achieve comparable cohort-fitting quality, but learn qualitatively different dictionaries. Cohort SIREN's atoms are localized, tiling the coordinate plane such that each atom fires in a confined region independent of cohort content. Cohort FFMLP's atoms are image-spanning, tracing the contours of memorized cohort signals. Single-atom ablations confirm causal use of these dictionaries: a single FFMLP atom out of 4096 can drop PSNR by up to 10.6 dB across the image, while SIREN ablations remain confined to where the atom fires. Together, these results give the first mechanistic account of what transfers in cohort-trained INRs and turn their activations into inspectable dictionary atoms. These tools open a path towards characterizing what INRs encode and towards architectures designed for generalization rather than memorization.