Reranking is fundamental to information retrieval and retrieval-augmented generation, with recent Large Language Models (LLMs) significantly advancing reranking quality. Most current works rely on large-scale LLMs (>7B parameters), presenting high computational costs. Small Language Models (SLMs) offer a promising alternative because of computational efficiency. However, our preliminary quantitative analysis reveals key limitations of SLMs: their representation space is narrow, leading to reduced expressiveness, and they struggle with understanding task prompts without fine-tuning. To address these issues, we introduce a novel two-stage training approach, ProRank, for SLM-based document reranking. We propose using reinforcement learning to improve the understanding of task prompts. Additionally, we introduce fine-grained score learning to enhance representation expressiveness and further improve document reranking quality. Extensive experiments suggest that ProRank consistently outperforms both the most advanced open-source and proprietary reranking models. Notably, our ProRank even surpasses powerful LLM reranking models on the BEIR benchmark, establishing that properly trained SLMs can achieve superior document reranking performance while maintaining computational efficiency.

Encoder-only transformer models such as BERT offer a great performance-size tradeoff for retrieval and classification tasks with respect to larger decoder-only models. Despite being the workhorse of numerous production pipelines, there have been limited Pareto improvements to BERT since its release. In this paper, we introduce ModernBERT, bringing modern model optimizations to encoder-only models and representing a major Pareto improvement over older encoders. Trained on 2 trillion tokens with a native 8192 sequence length, ModernBERT models exhibit state-of-the-art results on a large pool of evaluations encompassing diverse classification tasks and both single and multi-vector retrieval on different domains (including code). In addition to strong downstream performance, ModernBERT is also the most speed and memory efficient encoder and is designed for inference on common GPUs.