A microcalorimeter array based on a transition-edge sensor (TES) thermometer is a promising imaging spectrometer for use in future x-ray astronomy missions. A TES microcalorimeter achieves 5 eV energy resolution and an array of >100 pixels also provides a moderate imaging capability. For a large format array, signal multiplexing at the low temperature stage is mandatory in order to reduce heat loads from cold stage preamplifiers and through wirings. We are developing frequency division multiplexing (FDM). In FDM, each TES is ac-biased with a different carrier frequency. Signals from several pixels are summed and then read out by one dc SQUID (superconducting quantum interference device). The maximum number of multiplexed pixels is limited by the bandwidth of a SQUID in a flux-locked loop. Assuming 1 m cable length between the room temperature and the cold stage, the bandwidth is only <1 MHz with a standard flux-locked loop, due to the delay and phase shift of wirings. We report our development of baseband feedback, a new feedback scheme that overcomes the bandwidth limitation. In baseband feedback, the signal ( 10 kHz) from the TES is sent back to the SQUID after the phase of carrier frequency (∼1 MHz) has been adjusted. We demonstrated open-loop gain of 8 for 10 kHz signal at 5 MHz carrier frequency, which indicates the possibility of ∼40-pixel multiplexing of the TES signal.