Preflop is looser than you think it is. AK86 with three of a suit is okay hot/cold but PPT ranks it top 23% which is honestly on the loose side for UTG, to the point that it's fairly likely to be a losing VPIP if your PLO50 rake is as steep as the PLO50 rake I'm subjected to. Even in a no-rake environment, it might be an open fold.

Also, suited aces are the single most overrated hand in PLO in my experience. Once I started folding the weaker ones (of which this is one), I paid way less rake and made way more money. 3flush boards are often action killers except against exceptionally bad or exceptionally good players, so playing mostly for a nut flush is a fool's errand. Plus, when you have AxKx you can't get called by the second nut flush. So your implied odds fall dramatically.

Anyway: I hate calling the 3bet even if you maybe have to mathematically. Villain, even for their wide range, can have us dominated pretty easily. Our hand just isn't that good. It rarely flops smooth and we have our own diamond out.

I'm not betting the flop, at least not for half-pot as UTG PFR (albeit with a capped range). We're not supposed to have much and we barely have anything and our blockers are so-so. I prefer an even smaller bet if we bet at all.

IP with almost no redraw, OTT I think there's merit to checking. Against this villain we can win a bet from worse on the river pretty often. Against a more passive player, I do think it's a pretty easy value bet. Even here, I don't hate the bet, but the high SPR, our precarious standing (no redraw hardly at all), and villain's tendencies could be reasons to check back.

But let me return to my original point: this board is way easier to navigate if your starting hand isn't so disconnected. If memory serves, we shouldn't be opening as wide as 23% UTG, which—as I said—is where this hand ranks hot/cold.

Outside of pure hot/cold equity, PLO starting hand selection is—to a large extent—about navigability on postflop streets as texture changes (sometimes dramatically). The texture of this board didn't change dramatically, but we ended up in a low-visibility situation due to the uncoordinated quality of the ranks of our cards.

You'll be in situations like this far less often by being more selective preflop.

Ouch, bad things often start preflop. I heard that very often and this is a good example for it. AK86 with 3 suits is clearly not an openraise from utg, if you want to get in as many hands as possible against that donk you can also limp, otherwise just fold. you dont win much by copying his style and loose up that much. That hand is clearly not suited for 3bp SPR's with only 1 nut component, it is bad to call against 3-bet as devwil said and has alltogether a bad overall performance.

The flop bet is a second big mistake, when you know villain is likely to check-raise why you bluff? You would have to fold or even worse, I dont know if you were considering it, to get it in with a bare midpair to play for stacks, where you willl be NEVER ahead (being ahead is not possible cause you dont flop air that often and even the dumbest fish dont get stacks in with nopair no draw). The 8 blocker is worthless with that wide stack-off ranges. The flop is the most important street, so this is indeed the end of the world.

Your hand has good SDV on lots of rivers and is way ahead way behind, no reason to bet here (no value from worse, on this 4-connected cards board pairs and 2pairs aint catch up, set are barely existent so the main hands beside straightdraws you would need protection are ouuta window, no foldequity against better that probably stack off now).

Turn is more difficult but I guess I would fold it. I'm not interested in finding out if he has the nuts there cause with the more tight c-bet range he still might not bluff for stacks, many player dont do that when deep-stacks can go in. You would need stats like Check-raise, AFq% and AF for the river on a bigger sample.