diff --git a/spring-boot-project/spring-boot-actuator-autoconfigure/src/main/java/org/springframework/boot/actuate/autoconfigure/web/ManagementContextFactory.java b/spring-boot-project/spring-boot-actuator-autoconfigure/src/main/java/org/springframework/boot/actuate/autoconfigure/web/ManagementContextFactory.java
index 4e806db463dd..bbefe35b7bb7 100644
--- a/spring-boot-project/spring-boot-actuator-autoconfigure/src/main/java/org/springframework/boot/actuate/autoconfigure/web/ManagementContextFactory.java
+++ b/spring-boot-project/spring-boot-actuator-autoconfigure/src/main/java/org/springframework/boot/actuate/autoconfigure/web/ManagementContextFactory.java
@@ -28,6 +28,8 @@
 import org.springframework.context.ApplicationContext;
 import org.springframework.context.ConfigurableApplicationContext;
 import org.springframework.context.annotation.AnnotationConfigRegistry;
+import org.springframework.core.env.ConfigurableEnvironment;
+import org.springframework.core.env.Environment;
 
 /**
  * Factory for creating a separate management context when the management web server is
@@ -55,8 +57,15 @@ public ManagementContextFactory(WebApplicationType webApplicationType,
 	}
 
 	public ConfigurableApplicationContext createManagementContext(ApplicationContext parentContext) {
+		Environment parentEnvironment = parentContext.getEnvironment();
+		ConfigurableEnvironment childEnvironment = ApplicationContextFactory.DEFAULT
+				.createEnvironment(this.webApplicationType);
+		if (parentEnvironment instanceof ConfigurableEnvironment) {
+			childEnvironment.setConversionService(((ConfigurableEnvironment) parentEnvironment).getConversionService());
+		}
 		ConfigurableApplicationContext managementContext = ApplicationContextFactory.DEFAULT
 				.create(this.webApplicationType);
+		managementContext.setEnvironment(childEnvironment);
 		managementContext.setParent(parentContext);
 		return managementContext;
 	}
diff --git a/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/reactive/ReactiveManagementChildContextConfigurationIntegrationTests.java b/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/reactive/ReactiveManagementChildContextConfigurationIntegrationTests.java
index c9cfda2b0a8d..e785ca9d5665 100644
--- a/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/reactive/ReactiveManagementChildContextConfigurationIntegrationTests.java
+++ b/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/reactive/ReactiveManagementChildContextConfigurationIntegrationTests.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2012-2020 the original author or authors.
+ * Copyright 2012-2022 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -16,9 +16,13 @@
 
 package org.springframework.boot.actuate.autoconfigure.web.reactive;
 
+import java.io.IOException;
+import java.nio.charset.StandardCharsets;
+import java.nio.file.Path;
 import java.util.function.Consumer;
 
 import org.junit.jupiter.api.Test;
+import org.junit.jupiter.api.io.TempDir;
 
 import org.springframework.boot.actuate.autoconfigure.endpoint.EndpointAutoConfiguration;
 import org.springframework.boot.actuate.autoconfigure.endpoint.web.WebEndpointAutoConfiguration;
@@ -29,12 +33,17 @@
 import org.springframework.boot.autoconfigure.web.reactive.HttpHandlerAutoConfiguration;
 import org.springframework.boot.autoconfigure.web.reactive.ReactiveWebServerFactoryAutoConfiguration;
 import org.springframework.boot.autoconfigure.web.reactive.WebFluxAutoConfiguration;
+import org.springframework.boot.convert.ApplicationConversionService;
+import org.springframework.boot.env.ConfigTreePropertySource;
 import org.springframework.boot.test.context.assertj.AssertableReactiveWebApplicationContext;
 import org.springframework.boot.test.context.runner.ContextConsumer;
 import org.springframework.boot.test.context.runner.ReactiveWebApplicationContextRunner;
 import org.springframework.boot.web.context.ServerPortInfoApplicationContextInitializer;
 import org.springframework.boot.web.reactive.context.AnnotationConfigReactiveWebServerApplicationContext;
+import org.springframework.context.ConfigurableApplicationContext;
+import org.springframework.core.convert.support.ConfigurableConversionService;
 import org.springframework.http.MediaType;
+import org.springframework.util.FileCopyUtils;
 import org.springframework.web.reactive.function.client.WebClient;
 
 import static org.assertj.core.api.Assertions.assertThat;
@@ -57,6 +66,9 @@ class ReactiveManagementChildContextConfigurationIntegrationTests {
 					.withInitializer(new ServerPortInfoApplicationContextInitializer()).withPropertyValues(
 							"server.port=0", "management.server.port=0", "management.endpoints.web.exposure.include=*");
 
+	@TempDir
+	Path temp;
+
 	@Test
 	void endpointsAreBeneathActuatorByDefault() {
 		this.runner.withPropertyValues("management.server.port:0").run(withWebTestClient((client) -> {
@@ -76,6 +88,28 @@ void whenManagementServerBasePathIsConfiguredThenEndpointsAreBeneathThatPath() {
 				}));
 	}
 
+	@Test // gh-32941
+	void whenManagementServerPortLoadedFromConfigTree() {
+		this.runner.withInitializer(this::addConfigTreePropertySource)
+				.run((context) -> assertThat(context).hasNotFailed());
+	}
+
+	private void addConfigTreePropertySource(ConfigurableApplicationContext applicationContext) {
+		try {
+			applicationContext.getEnvironment().setConversionService(
+					(ConfigurableConversionService) ApplicationConversionService.getSharedInstance());
+			Path configtree = this.temp.resolve("configtree");
+			Path file = configtree.resolve("management/server/port");
+			file.toFile().getParentFile().mkdirs();
+			FileCopyUtils.copy("0".getBytes(StandardCharsets.UTF_8), file.toFile());
+			ConfigTreePropertySource source = new ConfigTreePropertySource("configtree", configtree);
+			applicationContext.getEnvironment().getPropertySources().addFirst(source);
+		}
+		catch (IOException ex) {
+			throw new IllegalStateException(ex);
+		}
+	}
+
 	private ContextConsumer<AssertableReactiveWebApplicationContext> withWebTestClient(Consumer<WebClient> webClient) {
 		return (context) -> {
 			String port = context.getEnvironment().getProperty("local.management.port");
diff --git a/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/servlet/WebMvcEndpointChildContextConfigurationIntegrationTests.java b/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/servlet/WebMvcEndpointChildContextConfigurationIntegrationTests.java
index e0404d4c4b11..106a4558f29b 100644
--- a/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/servlet/WebMvcEndpointChildContextConfigurationIntegrationTests.java
+++ b/spring-boot-project/spring-boot-actuator-autoconfigure/src/test/java/org/springframework/boot/actuate/autoconfigure/web/servlet/WebMvcEndpointChildContextConfigurationIntegrationTests.java
@@ -16,6 +16,9 @@
 
 package org.springframework.boot.actuate.autoconfigure.web.servlet;
 
+import java.io.IOException;
+import java.nio.charset.StandardCharsets;
+import java.nio.file.Path;
 import java.util.Collections;
 import java.util.Map;
 import java.util.function.Consumer;
@@ -24,6 +27,7 @@
 import jakarta.validation.Valid;
 import jakarta.validation.constraints.NotEmpty;
 import org.junit.jupiter.api.Test;
+import org.junit.jupiter.api.io.TempDir;
 import reactor.core.publisher.Mono;
 
 import org.springframework.boot.actuate.autoconfigure.endpoint.EndpointAutoConfiguration;
@@ -36,13 +40,18 @@
 import org.springframework.boot.autoconfigure.web.servlet.DispatcherServletAutoConfiguration;
 import org.springframework.boot.autoconfigure.web.servlet.ServletWebServerFactoryAutoConfiguration;
 import org.springframework.boot.autoconfigure.web.servlet.error.ErrorMvcAutoConfiguration;
+import org.springframework.boot.convert.ApplicationConversionService;
+import org.springframework.boot.env.ConfigTreePropertySource;
 import org.springframework.boot.test.context.assertj.AssertableWebApplicationContext;
 import org.springframework.boot.test.context.runner.ContextConsumer;
 import org.springframework.boot.test.context.runner.WebApplicationContextRunner;
 import org.springframework.boot.web.context.ServerPortInfoApplicationContextInitializer;
 import org.springframework.boot.web.servlet.context.AnnotationConfigServletWebServerApplicationContext;
+import org.springframework.context.ConfigurableApplicationContext;
 import org.springframework.core.ParameterizedTypeReference;
+import org.springframework.core.convert.support.ConfigurableConversionService;
 import org.springframework.http.MediaType;
+import org.springframework.util.FileCopyUtils;
 import org.springframework.web.bind.annotation.GetMapping;
 import org.springframework.web.bind.annotation.PostMapping;
 import org.springframework.web.bind.annotation.RequestBody;
@@ -74,6 +83,9 @@ class WebMvcEndpointChildContextConfigurationIntegrationTests {
 							"management.endpoints.web.exposure.include=*", "server.error.include-exception=true",
 							"server.error.include-message=always", "server.error.include-binding-errors=always");
 
+	@TempDir
+	Path temp;
+
 	@Test // gh-17938
 	void errorEndpointIsUsedWithEndpoint() {
 		this.runner.run(withWebTestClient((client) -> {
@@ -134,6 +146,28 @@ void whenManagementServerBasePathIsConfiguredThenEndpointsAreBeneathThatPath() {
 		}));
 	}
 
+	@Test // gh-32941
+	void whenManagementServerPortLoadedFromConfigTree() {
+		this.runner.withInitializer(this::addConfigTreePropertySource)
+				.run((context) -> assertThat(context).hasNotFailed());
+	}
+
+	private void addConfigTreePropertySource(ConfigurableApplicationContext applicationContext) {
+		try {
+			applicationContext.getEnvironment().setConversionService(
+					(ConfigurableConversionService) ApplicationConversionService.getSharedInstance());
+			Path configtree = this.temp.resolve("configtree");
+			Path file = configtree.resolve("management/server/port");
+			file.toFile().getParentFile().mkdirs();
+			FileCopyUtils.copy("0".getBytes(StandardCharsets.UTF_8), file.toFile());
+			ConfigTreePropertySource source = new ConfigTreePropertySource("configtree", configtree);
+			applicationContext.getEnvironment().getPropertySources().addFirst(source);
+		}
+		catch (IOException ex) {
+			throw new IllegalStateException(ex);
+		}
+	}
+
 	private ContextConsumer<AssertableWebApplicationContext> withWebTestClient(Consumer<WebClient> webClient) {
 		return (context) -> {
 			String port = context.getEnvironment().getProperty("local.management.port");