It is, I think, the Munich Reichsfuhrerschule for SA, NSKK and ( up to 1934) SS Leaders. In the photo I see at least one NSKK Officer, but no SS so perhaps this is post 1934.
Good point... if that was the case wouldn't there be daggers?
I thought about the 2 awards being the pour le merite. It appears the two highest ranking officers in the photo have the award.