AA in 3b pot vs. donk bet

Raising or calling is both fine I think, but if you raise you need to go broke on a shove.
He could have Kx and flush draws here as well. If he has a set, it’s unlucky I think.

Cheers,
SDK1987

3-bet cold calling range from SB is imo really tight. Mostly he should have pocket pairs, from time to time hands like AJs, AQs, AK (if he didn't decide to 4-bet). Maybe sometimes some suited connectors although usually these hand types would be folded.

As played I guess that call down is the best option - if board don't get nasty.
In this case really bad cards appeared OTT and OTR as well. I see his range OTR in this way:
-hands you beat -> AK (6 combos)
-hands that beat you -> 88, 99 (6 combos), JhTh, QhJh = 8 combos

I would not raise. His donk can be strong or then it is a bluff, I doubt he will donk with something like Kx. Raising would isolate against sets, so I think it is better to keep all of his bluffs in and let him do the betting.
I would call at least OTF and OTT but by the river the board ran out quite bad for us. On the other hand villain bets very small so it is a tough spot.

-hands you beat -> AK (6 combos)
-hands that beat you -> 88, 99 (6 combos), JhTh, QhJh = 8 combos

This could be adjusted a bit. I think Th9h can also be in villains range. And KQs would be possible too (although I think it shouldn't donk OTF). Then I wouldn't rule out any 98s either because we are almost 200bb deep so it wouldn't be terrible if villain called these pre. And then I'm not sure if we should count every possible AK combo in villains range cause those could sometimes 4bet, so maybe take just 4/6 combos?

Now it starts to look like we are in a bad shape, but we really have to win this only about 20% to be break even. I would probably still call this because the bet size is so small..
One interesting though that came to my mind is that we could turn our ok hand into a bluff and shove river Villain can't have the nuts and when flush completes I think a shove should fold out most of his 2pair, probably even some sets and straights? But I'm not sure if that is so good idea at NL2 when 200bb deep.