Self-assembled FePt nanoparticle arrays are candidate structures for ultrahigh density magnetic storage media. One of the factors limiting their application to this technology is particle-to-particle compositional variation. This variation will affect the A1 to L10 transformation as well as the magnetic properties of the nanoparticles. In the present study, an analysis is provided for the formation mechanism of these nanoparticles when synthesized by the superhydride reduction method. Additionally, a comparison is provided of the composition distributions of nanoparticles synthesized by the thermal decomposition of Fe(CO)5 and the reduction of FeCl2 by superhydride. The latter process produced a much narrower composition distribution. A thermodynamic analysis of the mechanism is described in terms of free energy perturbation Monte Carlo simulations.