Abstract: A fluid lubricated bearing assembly for use with an in-hole fluid motor has a housing and a shaft supported in the housing by a plurality of stacked adjustable bearings, through which thrust is transmitted to the shaft from a single thrust transfer point in the housing. The thrust bearings are individually adjustable to eliminate tolerance and thrust elements transfer load from the housing to the bearings from the single thrust transfer point. In the preferred form, the thrust elements include a flow restrictor sleeve in thrust transmission relation with bearings at opposite sides thereof. The flow restrictor sleeve cooperates with a companion flow restrictor sleeve on the shaft to limit the flow of fluid through the bearings from the motor. Radial contact bearings at opposite ends of the flow restrictor support the flow restrictor sleeves to minimize wear and resist bending forces applied radially of the sleeves.