An apparatus operates as both a holster and a benchrest for a handgun. The apparatus comprises first and second end walls, and a supporting pad secured between the first and second end walls. As a holster, the first and second end walls and the supporting pad define a cradle adapted for holstering a handgun. The holster may also be flipped upside-down and then operated as a benchrest. When the assembly is operating as a benchrest, a barrel rest may be inserted into a barrel-rest receiver slot on the top-side of the assembly. The barrel rest has a U-channel adapted for supporting the barrel of a handgun. The supporting pad further provides a surface for supporting the grip of the handgun.