Problem: NoData displays black when in a catalog
NoData displays normally when the raster is by itself, but displays black when in a catalog.
If the raster is not the last component of the raster catalog to draw, the NoData areas will display as black.
Solution or Workaround
To avoid this problem, place the problematic raster first in the raster catalog table. The raster then draws first, and the NoData should appear correctly.