Abstract: An adjustable fluid cooled brake is provided that integrates the driven shaft and bearings with braking components to form a packaged assembly. The brake includes a driven shaft and two bearings disposed about the driven shaft. The brake further includes a housing disposed about the shaft and friction plates coupled to the housing and driven shaft. One end cap assembly of the brake is coupled to the housing and supports one of the bearings. The end cap assembly includes a pressure plate configured to compress the friction plates. Another end cap assembly is coupled to the housing and supports the other bearing. One of end cap assemblies is spaced from the housing by a spacer that may be adjusted to enable axial movement of the end cap assembly relative to the housing and the corresponding bearing thereby permitting adjustment of the brake.