PLUME: Latent Reasoning Based Universal Multimodal Embedding

Universal multimodal embedding (UME) maps multimodal inputs into a shared embedding space for diverse retrieval tasks. Recent methods improve embeddings through Chain-of-Thought (CoT) reasoning optimized with GRPO using retrieval rewards. However, existing methods overlook the mismatch bettween candidate-aware retrieval supervision and input-only CoT generation: (1)trajectory-level rewards convey retrieval outcomes without explicitly identifying the input-supported evidence that distinguishes the positive from hard negatives; (2) input-only generation cannot directly assess whether further reasoning improves retrieval, potentially producing redundant CoTs with substantial latency. To bridge this gap, we propose Reason What Matters (ReWAM), a retrieval-grounded framework that aligns candidate-aware supervision with input-only generation. Specifically, we introduce Retrieval-Aware Self-Distillation (RASD), which extracts privileged guidance from input-supported facts and evidence distinguishing the positive from hard negatives. Conditioned on this guidance, an on-policy self-teacher provides token-level feedback to refine credit assignment, directing policy updates toward retrieval-relevant reasoning grounded in the input. We further propose Retrieval-Adaptive Inference (RAI), which learns a retrieval-aware stopping criterion from prefix-level retrieval feedback. It stops redundant reasoning without candidate access and uses speculative decoding to further reduce CoT latency. Extensive experiments on MMEB-V2 and MRMR demonstrate that ReWAM achieves state-of-the-art retrieval performance while delivering up to 5x the inference throughput of competitive explicit-CoT UME methods. ReWAM thus enables high-quality retrieval through efficient input-only reasoning, making explicit CoT practical for corpus-scale multimodal retrieval. The code will be publicly available.

Universal multimodal retrieval requires compact embeddings that preserve task-relevant semantic information across diverse modalities. Prior works have incorporated latent reasoning into multimodal embedding learning to refine this information before embedding extraction. However, most existing approaches remain confined to deterministic latent paths, without exploring alternative trajectories to discover better embeddings. Thus, we propose VaME (Variational Multimodal Embeddings), a framework that models latent reasoning as a learnable distribution over trajectories. Specifically, we first introduce Variational Latent Reasoning (VLR) to enable autoregressive exploration in latent space, guided by answer reconstruction through a lightweight decoder. Meanwhile, we augment the original embedding-token readout with a latent-fused embedding to facilitate exploration during subsequent reinforcement learning. Finally, we optimize latent reasoning over stochastic variational trajectories through reinforcement learning, using Semantic Decoding Reward (SDR) to favor semantically meaningful trajectories with interpretable decoded outcomes. On the 78-task MMEB-V2 benchmark, spanning image, video, and visual-document retrieval, VaME outperforms most explicit CoT-based models and all latent-reasoning baselines. VaME also demonstrates robust performance on reasoning-intensive benchmarks such as MRMR, with substantial gains after reinforcement learning. Importantly, VaME achieves these gains with at least a 4.25x inference speedup over the deterministic latent autoregressive baselines. The code will be made publicly available.

Reasoning-driven universal multimodal embedding has advanced rapidly by introducing Chain-of-Thought (CoT) reasoning into the embedding pipeline. Despite the strong performance across both general and complex tasks, this paradigm suffers from two core limitations: (i) autoregressive CoT reasoning incurs high computational cost, making it impractical for low-latency retrieval; and (ii) embedding performance is heavily coupled with CoT annotation quality, making large-scale training unreliable. These raise fundamental questions: Is textual CoT the optimal form of reasoning for embedding, and can effective embedding reasoning be accomplished in latent space? To this end, we propose LaME (Latent Reasoning Multimodal Embedding), which formulates embedding-oriented latent reasoning as a weakly supervised information bottleneck. LaME employs K learnable reason tokens as a fixed-capacity bottleneck, completing all reasoning within a single forward pass. The two weak supervision signals structurally decouple contrastive from autoregressive objectives and eliminate dependence on CoT annotations, while a two-stage training pipeline ensures stable convergence. Experiments on MMEB-v2 and MRMR show that LaME achieves competitive performance, surpassing some explicit CoT-based models, while delivering 60x faster inference than explicit CoT methods and 2x faster than latent baselines with throughput comparable to discriminative embedding models. Code is available at https://github.com/PeppaWu/LaME.