diff --git a/src/main/java/org/springframework/data/convert/DtoInstantiatingConverter.java b/src/main/java/org/springframework/data/convert/DtoInstantiatingConverter.java
index 5d7fb1171f..103d36c18c 100644
--- a/src/main/java/org/springframework/data/convert/DtoInstantiatingConverter.java
+++ b/src/main/java/org/springframework/data/convert/DtoInstantiatingConverter.java
@@ -21,6 +21,7 @@
 import org.springframework.data.mapping.PersistentEntity;
 import org.springframework.data.mapping.PersistentProperty;
 import org.springframework.data.mapping.PersistentPropertyAccessor;
+import org.springframework.data.mapping.SimpleAssociationHandler;
 import org.springframework.data.mapping.SimplePropertyHandler;
 import org.springframework.data.mapping.context.MappingContext;
 import org.springframework.data.mapping.model.EntityInstantiator;
@@ -96,7 +97,7 @@ public Object getParameterValue(Parameter parameter) {
 		PersistentPropertyAccessor<Object> targetAccessor = targetEntity.getPropertyAccessor(dto);
 		InstanceCreatorMetadata<? extends PersistentProperty<?>> creator = targetEntity.getInstanceCreatorMetadata();
 
-		targetEntity.doWithProperties((SimplePropertyHandler) property -> {
+		SimplePropertyHandler simplePropertyHandler = property -> {
 
 			if ((creator != null) && creator.isCreatorParameter(property)) {
 				return;
@@ -104,7 +105,11 @@ public Object getParameterValue(Parameter parameter) {
 
 			targetAccessor.setProperty(property,
 					sourceAccessor.getProperty(sourceEntity.getRequiredPersistentProperty(property.getName())));
-		});
+		};
+
+		targetEntity.doWithProperties(simplePropertyHandler);
+		targetEntity.doWithAssociations(
+				(SimpleAssociationHandler) property -> simplePropertyHandler.doWithPersistentProperty(property.getInverse()));
 
 		return dto;
 	}
diff --git a/src/test/java/org/springframework/data/convert/DtoInstantiatingConverterUnitTests.java b/src/test/java/org/springframework/data/convert/DtoInstantiatingConverterUnitTests.java
new file mode 100644
index 0000000000..7b919af30b
--- /dev/null
+++ b/src/test/java/org/springframework/data/convert/DtoInstantiatingConverterUnitTests.java
@@ -0,0 +1,73 @@
+/*
+ * Copyright 2024 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.
+ * You may obtain a copy of the License at
+ *
+ *      https://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+package org.springframework.data.convert;
+
+import static org.assertj.core.api.Assertions.*;
+
+import org.junit.jupiter.api.Test;
+
+import org.springframework.data.annotation.Reference;
+import org.springframework.data.mapping.context.SampleMappingContext;
+import org.springframework.data.mapping.model.EntityInstantiators;
+
+/**
+ * Unit tests for {@link DtoInstantiatingConverter}.
+ *
+ * @author Mark Paluch
+ */
+class DtoInstantiatingConverterUnitTests {
+
+	@Test // GH- 3104
+	void dtoProjectionShouldConsiderPropertiesAndAssociations() {
+
+		TheOtherThing ref = new TheOtherThing();
+		MyAssociativeEntity entity = new MyAssociativeEntity("1", ref, "foo");
+		DtoInstantiatingConverter converter = new DtoInstantiatingConverter(DtoProjection.class, new SampleMappingContext(),
+				new EntityInstantiators());
+
+		DtoProjection projection = (DtoProjection) converter.convert(entity);
+
+		assertThat(projection.id).isEqualTo("1");
+		assertThat(projection.ref).isSameAs(ref);
+	}
+
+	static class MyAssociativeEntity {
+
+		String id;
+
+		@Reference TheOtherThing ref;
+
+		String somethingElse;
+
+		public MyAssociativeEntity(String id, TheOtherThing ref, String somethingElse) {
+			this.id = id;
+			this.ref = ref;
+			this.somethingElse = somethingElse;
+		}
+	}
+
+	static class DtoProjection {
+
+		String id;
+
+		@Reference TheOtherThing ref;
+	}
+
+	static class TheOtherThing {
+		String id;
+	}
+
+}