diff --git a/spring-boot-project/spring-boot/src/main/java/org/springframework/boot/context/properties/bind/ValueObjectBinder.java b/spring-boot-project/spring-boot/src/main/java/org/springframework/boot/context/properties/bind/ValueObjectBinder.java
index 7a68330b7b2..5f51e91f341 100644
--- a/spring-boot-project/spring-boot/src/main/java/org/springframework/boot/context/properties/bind/ValueObjectBinder.java
+++ b/spring-boot-project/spring-boot/src/main/java/org/springframework/boot/context/properties/bind/ValueObjectBinder.java
@@ -31,6 +31,8 @@ import java.util.Optional;
 import kotlin.reflect.KFunction;
 import kotlin.reflect.KParameter;
 import kotlin.reflect.jvm.ReflectJvmMapping;
+import org.apache.commons.logging.Log;
+import org.apache.commons.logging.LogFactory;
 
 import org.springframework.beans.BeanUtils;
 import org.springframework.boot.context.properties.source.ConfigurationPropertyName;
@@ -43,6 +45,7 @@ import org.springframework.core.ResolvableType;
 import org.springframework.core.annotation.MergedAnnotation;
 import org.springframework.core.annotation.MergedAnnotations;
 import org.springframework.core.convert.ConversionException;
+import org.springframework.core.log.LogMessage;
 import org.springframework.util.Assert;
 
 /**
@@ -55,6 +58,8 @@ import org.springframework.util.Assert;
  */
 class ValueObjectBinder implements DataObjectBinder {
 
+	private static final Log logger = LogFactory.getLog(ValueObjectBinder.class);
+
 	private final BindConstructorProvider constructorProvider;
 
 	ValueObjectBinder(BindConstructorProvider constructorProvider) {
@@ -261,15 +266,31 @@ class ValueObjectBinder implements DataObjectBinder {
 
 		private final List<ConstructorParameter> constructorParameters;
 
-		private DefaultValueObject(Constructor<T> constructor, ResolvableType type) {
+		private DefaultValueObject(Constructor<T> constructor, List<ConstructorParameter> constructorParameters) {
 			super(constructor);
-			this.constructorParameters = parseConstructorParameters(constructor, type);
+			this.constructorParameters = constructorParameters;
+		}
+
+		@Override
+		List<ConstructorParameter> getConstructorParameters() {
+			return this.constructorParameters;
+		}
+
+		@SuppressWarnings("unchecked")
+		static <T> ValueObject<T> get(Constructor<?> bindConstructor, ResolvableType type) {
+			String[] names = PARAMETER_NAME_DISCOVERER.getParameterNames(bindConstructor);
+			if (names == null) {
+				logger.debug(LogMessage.format(
+						"Unable to use value object binding with %s as parameter names cannot be discovered",
+						bindConstructor));
+				return null;
+			}
+			List<ConstructorParameter> constructorParameters = parseConstructorParameters(bindConstructor, type, names);
+			return new DefaultValueObject<>((Constructor<T>) bindConstructor, constructorParameters);
 		}
 
 		private static List<ConstructorParameter> parseConstructorParameters(Constructor<?> constructor,
-				ResolvableType type) {
-			String[] names = PARAMETER_NAME_DISCOVERER.getParameterNames(constructor);
-			Assert.state(names != null, () -> "Failed to extract parameter names for " + constructor);
+				ResolvableType type, String[] names) {
 			Parameter[] parameters = constructor.getParameters();
 			List<ConstructorParameter> result = new ArrayList<>(parameters.length);
 			for (int i = 0; i < parameters.length; i++) {
@@ -285,16 +306,6 @@ class ValueObjectBinder implements DataObjectBinder {
 			return Collections.unmodifiableList(result);
 		}
 
-		@Override
-		List<ConstructorParameter> getConstructorParameters() {
-			return this.constructorParameters;
-		}
-
-		@SuppressWarnings("unchecked")
-		static <T> ValueObject<T> get(Constructor<?> bindConstructor, ResolvableType type) {
-			return new DefaultValueObject<>((Constructor<T>) bindConstructor, type);
-		}
-
 	}
 
 	/**
diff --git a/spring-boot-project/spring-boot/src/test/java/org/springframework/boot/context/properties/bind/ValueObjectBinderTests.java b/spring-boot-project/spring-boot/src/test/java/org/springframework/boot/context/properties/bind/ValueObjectBinderTests.java
index aeffd12431f..a47f30aa0fc 100644
--- a/spring-boot-project/spring-boot/src/test/java/org/springframework/boot/context/properties/bind/ValueObjectBinderTests.java
+++ b/spring-boot-project/spring-boot/src/test/java/org/springframework/boot/context/properties/bind/ValueObjectBinderTests.java
@@ -26,11 +26,13 @@ import java.util.Map;
 import java.util.Objects;
 import java.util.Optional;
 
+import com.jayway.jsonpath.JsonPath;
 import org.junit.jupiter.api.Test;
 
 import org.springframework.boot.context.properties.source.ConfigurationPropertyName;
 import org.springframework.boot.context.properties.source.ConfigurationPropertySource;
 import org.springframework.boot.context.properties.source.MockConfigurationPropertySource;
+import org.springframework.core.DefaultParameterNameDiscoverer;
 import org.springframework.core.ResolvableType;
 import org.springframework.core.convert.ConversionService;
 import org.springframework.core.test.tools.SourceFile;
@@ -391,6 +393,25 @@ class ValueObjectBinderTests {
 		});
 	}
 
+	@Test // gh-38201
+	void bindWithNonExtractableParameterNamesAndNonIterablePropertySource() throws Exception {
+		verifyJsonPathParametersCannotBeResolved();
+		MockConfigurationPropertySource source = new MockConfigurationPropertySource();
+		source.put("test.value", "test");
+		this.sources.add(source.nonIterable());
+		Bindable<NonExtractableParameterName> target = Bindable.of(NonExtractableParameterName.class);
+		NonExtractableParameterName bound = this.binder.bindOrCreate("test", target);
+		assertThat(bound.getValue()).isEqualTo("test");
+	}
+
+	private void verifyJsonPathParametersCannotBeResolved() throws NoSuchFieldException {
+		Class<?> jsonPathClass = NonExtractableParameterName.class.getDeclaredField("jsonPath").getType();
+		Constructor<?>[] constructors = jsonPathClass.getDeclaredConstructors();
+		assertThat(constructors).hasSize(1);
+		constructors[0].setAccessible(true);
+		assertThat(new DefaultParameterNameDiscoverer().getParameterNames(constructors[0])).isNull();
+	}
+
 	private void noConfigurationProperty(BindException ex) {
 		assertThat(ex.getProperty()).isNull();
 	}
@@ -845,4 +866,28 @@ class ValueObjectBinderTests {
 
 	}
 
+	static class NonExtractableParameterName {
+
+		private String value;
+
+		private JsonPath jsonPath;
+
+		String getValue() {
+			return this.value;
+		}
+
+		void setValue(String value) {
+			this.value = value;
+		}
+
+		JsonPath getJsonPath() {
+			return this.jsonPath;
+		}
+
+		void setJsonPath(JsonPath jsonPath) {
+			this.jsonPath = jsonPath;
+		}
+
+	}
+
 }