UMER: Unifying Embedding and Ranking via Pair-Aware Discriminative Reasoning for Universal Multimodal Retrieval

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 embedding (UME) maps heterogeneous inputs into a shared retrieval space with a single model. Recent approaches improve UME by generating explicit chain-of-thought (CoT) rationales before extracting embeddings, enabling multimodal large language models to better infer complex query intent. However, explicit CoT incurs substantial inference overhead and can compress rich multimodal evidence into a narrow textual bottleneck. We propose PLUME, a latent reasoning framework that advances UME by replacing verbalized CoT with a short autoregressive rollout of continuous latent states. To support diverse multimodal queries, PLUME further introduces a semantic-anchor-guided transition adapter that steers latent rollout along different reasoning trajectories under the same fixed computation budget. To stabilize training, PLUME adopts a progressive explicit-to-latent curriculum that uses verbalized reasoning only as a temporary training scaffold and gradually transfers this behavior into hidden-state computation, eliminating explicit CoT at inference. On the 78-task MMEB-v2 benchmark, PLUME outperforms strong explicit-CoT UME baselines while reducing reasoning from hundreds of generated tokens to fewer than 10 latent steps, delivering over 30x faster inference. PLUME is especially well suited to retrieval settings where relevant evidence is dense, structurally complex, and difficult to organize through verbalized intermediate rationales, such as video and visual document retrieval. These results show that structured latent computation can preserve the benefits of intermediate reasoning without the overhead of explicit rationale generation, providing a stronger and more efficient paradigm for practical retrieval systems.

Reasoning-enhanced universal multimodal embeddings (UME) improve heterogeneous retrieval, but plausible rationales do not necessarily produce discriminative rankings. We study this gap by comparing the discriminative (DISC) and reasoning-driven generative (GEN) branches of UME-R1, a state-of-the-art reasoning UME method. We decompose reasoning utility into positive-target gain, hard-negative gain, and their margin difference. Positive similarity increases for 56.6%, but 15.7% are false-helpful cases where reasoning moves hard negatives closer even more. Local-neighborhood and token-attribution diagnostics suggest why: reasoning often de-condenses retrieved neighborhoods, but utility requires separator-aligned movement, while influential CoT tokens frequently encode evidence shared by positives and hard negatives. Motivated by these diagnostics, we propose SURE (Score-structure Utility Router for Embeddings), which improves UME-R1-7B by 1.5 points and yields consistent gains on two additional embedding models on MMEB-V2, without retraining, label-based policy selection, or extra VLM forward passes.