Reason What Matters: Retrieval-Grounded Reasoning for Universal Multimodal Embeddings

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.